Ford Urged to Tackle Pension Problem as ‘Solid Profits’ Announced

Ford Motor Company is being urged to face up to their responsibilities and ensure that all Visteon pensioners are given the money they rightfully deserve having paid into the Ford pension plan for many years. A number of pensioners, who were given guarantees regarding their pensions when they transferred from Ford’s pension plan to that of Visteon, have seen their pensions dramatically reduced after the company went into administration.

Now, following Ford’s recent statement they will be on course to make solid profit this year and have a positive free cash flow, Bethan Jenkins AM and Jonathan Edwards MP have called on the company to find the money needed to secure the futures of workers that have given years of service.

Bethan Jenkins AM said:

“Ford faces a stark choice. Either it meets its pension obligations, of around £350 million for 3,500 Visteon UK workers, or it goes to court, as Unite has already begun legal action to recover the money. But that is unlikely to be the end of it. Its conduct over the handling of the Visteon pensioners is, finally, beginning to ring alarm bells everywhere.

“I am planning to meet the Pension Regulator to ask how the investigation into the collapse of Visteon UK is progressing, as there remain several serious questions unanswered. Where that, and work elsewhere will end, is something that Ford should concern itself with, before doing the right thing and honouring its commitments.”

Jonathan Edwards MP added:

“I have previously written to the chairs of both the Treasury and the Work and Pensions Select Committees asking for an inquiry into the way workers have simply been dumped into the Pension Protection Fund. If there is no scrutiny into this action a dangerous precedent will be set that will see many more companies disregarding their obligations to pension plans.

I have now written to the Secretary of State on this matter asking him to personally get involved to ensure that a full inquiry is held and those loosing out are given the answers they deserve.”ENDS / DIWEDD

Notes:

Details of Ford’s profit announcement can be found by following this link.

http://online.wsj.com/article/BT-CO-20100927-706228.html

Man Trafod - Rhowch sylwad yma

Bydd eich ateb yn cael ei gymedroli, ac ni fydd yn ymaddangos yn syth. Medrwch baratoi eich testun mewn prosesydd geiriau cyn ei roi yn y bocs, ond ni fydd elfennau megis trwmder tecst a lliw yn ymddangos.