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)