UK - Trinity Mirror has hit back at claims that it is using a review of its DB schemes as a pretext to close them to new members.
The media giant is reviewing its general DB arrangements - collectively worth £1bn - just a year after finishing an earlier review.
Trinity Mirror claimed that the review is being conducted in order to determine whether or not its current arrangements are still valid.
A Trinity Mirror spokesman said: “We have nothing to hide. This is purely to inform people where we are and to put their minds at rest, because there is so much rumour and gossip.”
He added: “If you go back to all those years of the Maxwell affair and all the things that this company - under its various guises - has had to undergo, we have striven ever since then for the utmost clarity.”
Trinity Mirror issued a confidential memo telling employees that it was reviewing the schemes and that there were no pre-set conclusions” about the results.
The memo also dismissed fears about the impact of FRS17 on the Trinity Mirror pension schemes.
Trinity Mirror’s director of human resources Steve Addley wrote that FRS17 will have no direct impact on the schemes. Currently, the schemes - which have approximately 10,000 members - have a collective pretax FRS17 deficit of £37m.
Trinity Mirror expects to conclude the review during the autumn.
By Geoff Ho
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.