£2m liabilty for Port over pension fund

FOYLE Port has been buoyed by profits before tax of £1.2m but a substantial £2m in liabilities due to a pilot pension shorftall has also been listed in its profit and loss account.
By Kevin Mullan
Published 30th Aug 2013, 14:37 BST
Londonderry Port hosted the Clipper event in 2012. It was a major success. But a shortfall in a pilot pension fund has docked the harbour £2m. .Londonderry Port hosted the Clipper event in 2012. It was a major success. But a shortfall in a pilot pension fund has docked the harbour £2m. .
Londonderry Port hosted the Clipper event in 2012. It was a major success. But a shortfall in a pilot pension fund has docked the harbour £2m. .

Port Chair Garvan O’Doherty, who stands down in February, made the declaration in the harbour’s annual report, stating: “Following the completion of the High Court action in relation to Ports’ contributions to Pilots’ National Pension Fund (PNPF), the actuarial report and funding schedule was received from the Trustees of the PNPF. The liability for the Port was determined at £2,013,000. This amount has been expressed within the profit and loss account during the year as an exceptional item. The payback plan for all ports affected is based on a 16 year term.”

Mr O’Doherty also said he was disappointed the local port had not yet been delisted as a public corporation - a promised move - that would allow it to raise private money. He listed the sale of Fort George - allowing the purchase of cranes, tugs, a new dredger, storage facilities and a new pilot boat as one of the most significant developments of his tenure and said the Clipper event greatly enhanced the Port’s reputation.

Related topics:PortsHigh CourtClipper