Friday, October 25 14:19:40
The largest union in Bank of Ireland, IBOA, has decided to recommend the changes in the Bank's staff pensions arrangements brokered recently by the Labour Relations Commission.
The decision by the Union's Bank of Ireland Executive Committee follows detailed consideration of the Commission's recommendation and of the terms of the accompanying draft agreement reached between the respective negotiating teams from the Union and the Bank's senior management.
"The proposals from the LRC meet the Union's core objectives of retaining the Defined Benefit scheme for future accrual; preserving members' core benefits and other provisions; and applying change in an equitable fashion across all stake-holders," said IBOA General Secretary, Larry Broderick.
"Viewed against the background of recent developments in pensions within Irish banking and in employment generally and recognising that protracted engagement has taken place between the Union and Bank of Ireland since February, our Executive Committee believes that the final proposals represent the best that can be achieved by negotiation,"
"The terms which have emerged through the good offices of the Labour Relations Commission represent a mature compromise which saw both sides move from their opening positions in order to produce the terms for a viable settlement - which recognises the Bank's central need to control growth in future pensions liability while at the same time providing the Union with assurances as to the integrity of the key elements of the pensions agreement reached with the Bank in 2010."
"The draft agreement has also been endorsed by a meeting of IBOA representatives from all areas of the Bank of Ireland Group," said the IBOA leader. "Following a series of consultation meetings throughout the Republic, Northern Ireland and Great Britain, the proposals will be put to our members in Bank of Ireland for their approval in a ballot - which we hope to complete by the end of November."