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02/04/2009
Bord Na Móna Say No Money To Pay Pensions
Hundreds of Bord Na Mona workers have been told today there are no pensions for their retirement
Up to 240 workers who are members of the State-owned company's defined benefit pension scheme were told the deficit is now at the point where it cannot meet its pension obligations to the workers.
The workers affected are mainly clerical, administrative, supervisory and managerial grades.
Unite and Siptu said employees at the peat company are angry and astonished and called on the government to reverse the decision. Unite's Dermot Mahon said the move to renege on its pension benefit scheme will leave the 240 workers without a cent.
in a statement yesterday, a Bord Na mona spokesman said: "Given the recent collapse of investment markets and the resulting liability increase, a significantly negative impact on the funding situation in Bord na Móna has arisen."
The Department of Communications, Energy and Natural Resources, which is responsible for the company, said yesterday that it was aware that Bord na Móna has a pension deficit, and that it is in talks with workers and other relevant parties to try and deal with the issue.
(DW/BMcC)
Up to 240 workers who are members of the State-owned company's defined benefit pension scheme were told the deficit is now at the point where it cannot meet its pension obligations to the workers.
The workers affected are mainly clerical, administrative, supervisory and managerial grades.
Unite and Siptu said employees at the peat company are angry and astonished and called on the government to reverse the decision. Unite's Dermot Mahon said the move to renege on its pension benefit scheme will leave the 240 workers without a cent.
in a statement yesterday, a Bord Na mona spokesman said: "Given the recent collapse of investment markets and the resulting liability increase, a significantly negative impact on the funding situation in Bord na Móna has arisen."
The Department of Communications, Energy and Natural Resources, which is responsible for the company, said yesterday that it was aware that Bord na Móna has a pension deficit, and that it is in talks with workers and other relevant parties to try and deal with the issue.
(DW/BMcC)
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