Trinity Mirror cuts pension deficit by £43.6 million

Trinity Mirror has reduced its pension fund deficit by £43.6 million, which means it has fallen from £117.5 million to £73.9 million.

The reduction, which took place over the first six months of 2011, was published in the newspaper group’s half yearly report.

In 2010, which saw Trinity Mirror close a number of defined benefit schemes to future accrual, the deficit fell  by £61.2 million from £161 million to £99.8 million.

The figures reflect the impact of an increase in assets by £16 million and a decrease in liabilities of £45.2 million. The increase in assets reflects cash funding during the period and an increase in asset values partially offset by the payment of pensions.

The group continues to fund pension scheme deficits in accordance with funding schedules agreed with the pension scheme trustees. Valuations are undertaken on a triennial basis.

No further pension deficit payments are expected for the remainder of 2011.

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