De Beers staff face pension freeze

Retired staff at the former De Beers industrial diamond plant in Shannon are facing a pensions freeze.

18th February, 2006

Retired staff at the former De Beers industrial diamond plant in Shannon are facing a pensions freeze.

The company, which changed the name of its industrial diamond division to Element Six in 2002, made pre-tax profits of €18 million in Ireland in the year to December 2004.

However, staff were told late last year that its pension scheme had a deficit of almost €90million and that changes to the scheme were necessary.

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