Strong stuff from independent pension consultant John Ralfe (top) in an FT.com comment piece on Trinity Mirror's plan to cut annual pensions contributions in order to obtain refinancing.
He writes: "Trinity Mirror is trying to drive a coach-and-horses through the regulatory principle that the pension scheme should not be subordinated to other unsecured creditors.
"The Regulator has the power to force a company to make contributions – a power not used so far – and it should start the lengthy legal process to ensure the full £100m pension payments are made, as long as Trinity Mirror’s other unsecured creditors are being paid on schedule.
"The Regulator should do this despite the serious implications for the company, its pension scheme members and the Pension Protection Fund. Both sides know that if the company does make the full £100m deficit contributions it may lead to a default on its borrowings, which may, in turn, lead to administration."