News

Unite corrects its pension fund Claims

INEOS welcomes the statement made by Unite today confirming that INEOS has at no time stripped, removed or received any assets from the pension fund of INEOS workers at Grangemouth.

These were extremely serious allegations. INEOS is pleased that Unite has set the record straight by issuing its statement to the media and by publishing it on their website.

INEOS and Unite continue their discussion on the Grangemouth pension scheme with a view to finding a resolution to this dispute.

The Unite statement is given in full below:

“An industrial dispute has arisen involving the INEOS Group of companies and Unite the union in relation to changes proposed to the company’s pension arrangements for current and future employees at the Grangemouth Refinery and Petrochemicals site in Scotland. In April 2008 industrial action took place and prior to the action commencing statements were made by both the company and the union representatives in relation to the dispute.

On behalf of Unite it was alleged that the company had stripped £40m of assets from the pension fund at the time of the transfer of the fund from BP in 2005. Unite confirms that when the pension transfer to INEOS occurred in 2005 the scheme was fully funded and INEOS has at no time stripped, removed or received any assets from the fund. Unite is happy to provide this clarification of the earlier statements made by the union in relation to this dispute.”