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BoI staff warned pension fund trouble

Thursday, February 21 12:47:46

Bank of Ireland Chief Executive, Richie Boucher, has warned that the employee pension fund is again facing difficulties and changes will need to be made.

Larry Broderick, General Secretary of IBOA The Finance Union, said that Bank of Ireland employees had already accepted changes to their pension arrangements less than three years ago of such an order of magnitude that the Bank was able to remove almost E1 billion from its balance sheet.

"As Bank of Ireland is gradually reducing its need for State support - with 85pc of the Bank now in private ownership, it is important that the Bank has due regard for the concerns of its most valuable asset - its employees," he said.

"Our members have played a significant role in the recovery of Bank of Ireland over the last five years. These workers have faced up to significant job losses and major operational changes arising from the restructuring of the Bank. They are deeply concerned at the prospect of further reductions in their retirement income."

"IBOA wants firm assurances from Mr. Boucher, that there will be no further changes to pensions in Bank of Ireland without full negotiation and agreement with IBOA on behalf of its members. We will meet the Bank's senior management at the earliest opportunity to underline the need for these assurances," said Mr. Broderick.