Trinity Mirror has agreed to pay £41.2m upfront into the Northern & Shell Pension Schemes (NSPS) as part of its £126.7m acquisition of the publishing business.
The £41.2m one-off payment into the scheme is part of an agreed recovery plan, which will also see payments totalling £29.2m enter the scheme up until 2027, amounting to £57.5m after tax.
A statement from Trinity Mirror said it will make annual contributions of £1.9m each year from 2018 to 2020; increasing to £4.1m per annum between 2021 to 2023; £3.3m per annum between 2024 to 2026 and a final £1.3m in 2027.
According to the group, NSPS had a total deficit of £31.3m on an IAS19 basis at 31 December 2016, and a valuation deficit of £63.6m at their last actuarial valuation.
Trinity Mirror closed all three of its pension schemes to future accrual in 2010, while Northern & Shell closed the final of its three schemes in the same year.
Northern & Shell Media Group holds a number of national titles including the Sunday Express, Daily Express, Daily Star and OK! magazine.
Trinity Mirror will fund the cash element of the deal with a £75m amortising loan facility.