Menu
07/08/2002
Shorts say no cause for concern on pensions
A company spokesperson for Shorts has emphasised that those in the company pension fund have no cause for concern.
In an attack on Montreal-based Bombardier following last week's publication of the annual statement for the year ending January 31, former Belfast Short's staff union representatives, claimed that the figures indicated the company had failed to "honour commitments".
However, under new accountancy rules developed by the Accounting Standards Board, known as FRS 17, where companies disclose pension fund assets and liabilities in their annual reports, mean that assets are measured by market climate and that pension funds can show fluctuations depending on the performance of the funds.
The company spokesperson highlighted that Shorts had recommenced contributions to the pension scheme in February of this year – outside the consideration of last week's report. The company confirmed that contributions were made at the rate of 6%.
Former local union officials launched a scathing attack on Shorts' parent company Bombardier, accusing them of "failing to honour commitments" and underfunding workers pension provision to the tune of £160 million.
However, Bombardier issued a statement countering the claims saying that despite the fact that the scheme shows a deficit of £33 million, it "does not affect the benefits to which pension scheme members are entitled".
Shorts added: "Employees, both past and present, have no need to be concerned – the company is committed to retaining its final salary defined benefit scheme."
(GMcG/SP)
In an attack on Montreal-based Bombardier following last week's publication of the annual statement for the year ending January 31, former Belfast Short's staff union representatives, claimed that the figures indicated the company had failed to "honour commitments".
However, under new accountancy rules developed by the Accounting Standards Board, known as FRS 17, where companies disclose pension fund assets and liabilities in their annual reports, mean that assets are measured by market climate and that pension funds can show fluctuations depending on the performance of the funds.
The company spokesperson highlighted that Shorts had recommenced contributions to the pension scheme in February of this year – outside the consideration of last week's report. The company confirmed that contributions were made at the rate of 6%.
Former local union officials launched a scathing attack on Shorts' parent company Bombardier, accusing them of "failing to honour commitments" and underfunding workers pension provision to the tune of £160 million.
However, Bombardier issued a statement countering the claims saying that despite the fact that the scheme shows a deficit of £33 million, it "does not affect the benefits to which pension scheme members are entitled".
Shorts added: "Employees, both past and present, have no need to be concerned – the company is committed to retaining its final salary defined benefit scheme."
(GMcG/SP)
Related Northern Ireland News Stories
Click here for the latest headlines.
22 November 2024
Alliance 'Deeply Concerned' Over Pace Of HIA Redress Scheme
The Alliance Party has raised concerns over the rate of progress on the redress scheme for Historical Institutional Abuse of children. The party's Executive Office spokesperson, Paula Bradshaw MLA, has called on the First and deputy First Minister (FMdFM) must meet victims and survivors urgently over memorialisation and other issues.
Alliance 'Deeply Concerned' Over Pace Of HIA Redress Scheme
The Alliance Party has raised concerns over the rate of progress on the redress scheme for Historical Institutional Abuse of children. The party's Executive Office spokesperson, Paula Bradshaw MLA, has called on the First and deputy First Minister (FMdFM) must meet victims and survivors urgently over memorialisation and other issues.
20 November 2024
DAERA Minister Confirms Commitment to Deposit Return Scheme
DAERA Minister Andrew Muir has reaffirmed his commitment to introducing a Deposit Return Scheme (DRS) in Northern Ireland. The DRS is designed to encourage recycling by offering a monetary incentive for returning single-use drinks containers. The scheme will cover PET plastic, steel, and aluminium containers ranging from 150ml to 3 litres.
DAERA Minister Confirms Commitment to Deposit Return Scheme
DAERA Minister Andrew Muir has reaffirmed his commitment to introducing a Deposit Return Scheme (DRS) in Northern Ireland. The DRS is designed to encourage recycling by offering a monetary incentive for returning single-use drinks containers. The scheme will cover PET plastic, steel, and aluminium containers ranging from 150ml to 3 litres.
18 November 2024
Belfast's Vacant To Vibrant Scheme To Expand Citywide
A successful scheme aimed at transforming vacant properties in Belfast city centre into thriving businesses is set to be extended across the entire city. Belfast City Council's Vacant to Vibrant programme has already breathed new life into 26 properties, with another six sites in the pipeline.
Belfast's Vacant To Vibrant Scheme To Expand Citywide
A successful scheme aimed at transforming vacant properties in Belfast city centre into thriving businesses is set to be extended across the entire city. Belfast City Council's Vacant to Vibrant programme has already breathed new life into 26 properties, with another six sites in the pipeline.
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.
06 August 2002
MSF accuse Shorts' owners of underfunding pensions
UPDATE: Former union officials have launched a scathing attack on Shorts' parent company Bombardier, accusing them of "failing to honour commitments" and underfunding workers pension provision to the tune of £160 million.
MSF accuse Shorts' owners of underfunding pensions
UPDATE: Former union officials have launched a scathing attack on Shorts' parent company Bombardier, accusing them of "failing to honour commitments" and underfunding workers pension provision to the tune of £160 million.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
