Menu
12/11/2002
Empey calls on IFI to honour workers' pensions
Following the revelation that a serious shortfall exists in the pension fund for the northern workers of stricken Irish Fertiliser Industries (IFI), Sir Reg Empey has called on the firm to honour the pension fund commitment.
Sir Reg – the former Minister for Enterprise, Trade and Investment – said that the pensions of the employees in the Republic were fully funded, but not those of the employees in Northern Ireland.
Calling for an early decision by the shareholders to honour fully their financial obligations, Sir Reg said: "While the shareholders are making some €15 million available for redundancy costs, the major problem remains the inability of the pension fund to meet anything above 37% of members’ pensions. This is appalling and unacceptable."
Recently liquidated IFI was jointly owned by the Irish government who had a 51% stake in the company and ICI who held 49% of the stock.
Sir Reg said: "It will be an indelible stain on the reputation of the Irish government and ICI plc if they hide behind their limited liability to save themselves money at the expense of 200 pensioners.
"For some weeks now, employees at the Belfast plant have been subjected to great uncertainty following the decision of the shareholders of IFI to seek a creditors’ liquidation," he added.
The IFI plant better known as Richardsons was shut down as the company had racked up debts in past years and despite a rationalisation programme remained unable to compete effectively with imported fertiliser products.
(SP)
Sir Reg – the former Minister for Enterprise, Trade and Investment – said that the pensions of the employees in the Republic were fully funded, but not those of the employees in Northern Ireland.
Calling for an early decision by the shareholders to honour fully their financial obligations, Sir Reg said: "While the shareholders are making some €15 million available for redundancy costs, the major problem remains the inability of the pension fund to meet anything above 37% of members’ pensions. This is appalling and unacceptable."
Recently liquidated IFI was jointly owned by the Irish government who had a 51% stake in the company and ICI who held 49% of the stock.
Sir Reg said: "It will be an indelible stain on the reputation of the Irish government and ICI plc if they hide behind their limited liability to save themselves money at the expense of 200 pensioners.
"For some weeks now, employees at the Belfast plant have been subjected to great uncertainty following the decision of the shareholders of IFI to seek a creditors’ liquidation," he added.
The IFI plant better known as Richardsons was shut down as the company had racked up debts in past years and despite a rationalisation programme remained unable to compete effectively with imported fertiliser products.
(SP)
Related Northern Ireland News Stories
Click here for the latest headlines.
22 November 2024
SF Calls For Action On NI Mental Health Services
Sinn Féin has called for more to be done to improve mental health services across the north of Ireland. The party's mental health spokesperson, MLA Órlaithí Flynn, made the call after the release of the Registrar General's 2023 Annual Report which has highlighted an increase in deaths by suicide in 2023.
SF Calls For Action On NI Mental Health Services
Sinn Féin has called for more to be done to improve mental health services across the north of Ireland. The party's mental health spokesperson, MLA Órlaithí Flynn, made the call after the release of the Registrar General's 2023 Annual Report which has highlighted an increase in deaths by suicide in 2023.
22 November 2024
SDLP Calls For Action On Food Bank Crisis
The SDLP has called on the Communities Minister, Gordon Lyons, to outline how he intends to tackle food bank reliance across Northern Ireland.
SDLP Calls For Action On Food Bank Crisis
The SDLP has called on the Communities Minister, Gordon Lyons, to outline how he intends to tackle food bank reliance across Northern Ireland.
20 November 2024
£17m To Support Pensioners Affected By Winter Fuel Payment Changes
Communities Minister Gordon Lyons has announced a £17 million fund to support pensioners who have lost eligibility for the Winter Fuel Payment due to recent UK government changes. The one-off £100 payment will be automatically issued to an estimated 250,000 pensioners in around 170,000 households before the end of March 2025.
£17m To Support Pensioners Affected By Winter Fuel Payment Changes
Communities Minister Gordon Lyons has announced a £17 million fund to support pensioners who have lost eligibility for the Winter Fuel Payment due to recent UK government changes. The one-off £100 payment will be automatically issued to an estimated 250,000 pensioners in around 170,000 households before the end of March 2025.
27 November 2024
Pathway Fund Applications Open For Early Years Providers
Education Minister, Paul Givan, has announced the opening of online applications for the Targeted Early Years Pathway Fund for the 2025/26 and 2026/27 academic years. The Pathway Fund, introduced in 2016, aims to provide early years education services for children aged 0-4 who may be at risk of falling behind in their education.
Pathway Fund Applications Open For Early Years Providers
Education Minister, Paul Givan, has announced the opening of online applications for the Targeted Early Years Pathway Fund for the 2025/26 and 2026/27 academic years. The Pathway Fund, introduced in 2016, aims to provide early years education services for children aged 0-4 who may be at risk of falling behind in their education.
02 October 2006
New regulations to end age discrimination
Equality Minister David Hanson has today announced the commencement of new regulations to prohibit age discrimination in employment and vocational training. The new regulations create important new rights and responsibilities for every employee and business in Northern Ireland.
New regulations to end age discrimination
Equality Minister David Hanson has today announced the commencement of new regulations to prohibit age discrimination in employment and vocational training. The new regulations create important new rights and responsibilities for every employee and business in Northern Ireland.
-
Northern Ireland WeatherToday:A very mild, but mostly cloudy day, although with some bright or sunny spells. It will be mostly dry in the morning, but a little patchy light rain or drizzle at times in the afternoon. Maximum temperature 14 °C.Tonight:A band of heavier rain will move east during the evening before clearing eastwards after midnight. then mostly dry through the early hours, but a little rain towards dawn. Minimum temperature 8 °C.
