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02/06/2004
Minister welcomes increased TK-ECC pensions offer
Enterprise Minister, Barry Gardiner today welcomed news that the Takata Corporation in Japan has made a revised and improved offer to the pension fund trustees of its former Belfast subsidiary TK-ECC Ltd.
The TK-ECC pension fund valuation, undertaken following the decision by Takata to close the Northern Ireland operation, had indicated a shortfall of £32 million.
The new offer consists of an immediate cash payment of £8 million to the Pension Fund and the freehold of the company’s premises at Dundonald.
Mr Gardiner said: “I am very pleased that the hard work undertaken by the Pension Fund Trustees, supported by elected representatives and my predecessor Ian Pearson, has resulted in an improved offer from Takata Corporation.
“This very welcome news should mean deferred pensioners will get a much higher pension contribution than was previously estimated, although it is still short of their full entitlement. Existing pensioners will receive 100% of their basic pension, however, they will not receive increases on their pensions in retirement."
Staff at seatbelt manufacturers TK-ECC Limited where told in January that jobs were likely to go following to a downturn in the car industry.
Agency staff contracts ended in March while the remaining full-time staff contracts are to be terminated by August.
The factory, which makes seat belts for a range of car manufacturers, including Toyota, Honda and Vauxhall, at one time employed more than 800 workers at its Dundonald plant.
(MB)
The TK-ECC pension fund valuation, undertaken following the decision by Takata to close the Northern Ireland operation, had indicated a shortfall of £32 million.
The new offer consists of an immediate cash payment of £8 million to the Pension Fund and the freehold of the company’s premises at Dundonald.
Mr Gardiner said: “I am very pleased that the hard work undertaken by the Pension Fund Trustees, supported by elected representatives and my predecessor Ian Pearson, has resulted in an improved offer from Takata Corporation.
“This very welcome news should mean deferred pensioners will get a much higher pension contribution than was previously estimated, although it is still short of their full entitlement. Existing pensioners will receive 100% of their basic pension, however, they will not receive increases on their pensions in retirement."
Staff at seatbelt manufacturers TK-ECC Limited where told in January that jobs were likely to go following to a downturn in the car industry.
Agency staff contracts ended in March while the remaining full-time staff contracts are to be terminated by August.
The factory, which makes seat belts for a range of car manufacturers, including Toyota, Honda and Vauxhall, at one time employed more than 800 workers at its Dundonald plant.
(MB)
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