Belfast workers in pensions shortfall

Manufacturing News, Source : TheManufacturer.com
Published : 11 Nov 2002 10:42

Two hundred employees in Belfast are facing a drastic cut in their pensions following liquidation of Irish Fertiliser Industries, a joint venture between the Irish government and ICI.

The pension fund has a shortfall of £15 million, which means long serving staff may receive only 38 per cent of the amount they were expecting from their final salary scheme.

Last month, the British government promised action to stop solvent companies walking away from pension commitments.

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