LONDON (Reuters UK) - Newspaper publisher Trinity Mirror is planning to close its final salary pension scheme due to the increased costs of providing the scheme.
Trinity Mirror's pension deficit increased by 68.6 million pounds in the first half of the year to 275 million pounds as at June 30.
The company already closed its final salary scheme to new entrants in 2003 but said the volatility of financial markets, new pension regulation and rising life expectancies made it necessary to take further action.
"Closing these schemes to future accrual would help limit the increase in liabilities in the defined benefit pension schemes and help the group to fulfil its commitment to eliminate the current deficit," it said in a statement.
The group currently has 3,000 active members of the final salary scheme and these will be offered the defined contribution scheme after a tow-month consultation period, a spokesman said on Sunday.
Other companies who are considering closing or who have closed final salary pension schemes include Johnson Matthey, Dairy Crest, Barclays, Morrisons and Rentokil.
(Reporting by Victoria Bryan; Editing by Greg Mahlich)
