BOSSES at the former Crosfields factory say fears that pension payouts for workers would be linked to stock market performance are unfounded.

Management at the Bank Quay firm, now known as Ineos Silicas, have issued a statement insisting that the business will continue to offer a benefits scheme linked to the final salary.

The review was prompted, according to the company, by a need to ensure that their pensions packages were affordable 'in the long term.'

An Ineos spokesman said: "The changes, which will come into effect from February 1, 2005, will enable the business to continue to offer a competitive total benefits package, including a pension linked to final salary, that is more sustainable."

Once implemented the pensions review will see all Ineos workers, regardless of their location, to expect the same benefits on retirement.

The firm has arranged a series of in-house workshops to field questions about the changeover. Benefits accrued up to 2005 are protected, says the firm.

Officials from the Amicus union, unhappy at the implications of the changes, are also seeking talks with Ineos.