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Bank staff back pension changes

Wednesday, December 04 16:45:57

Workers in Bank of Ireland have voted to accept proposals for changes to the employees' Defined Benefit scheme, which were brokered by the Labour Relations Commission following engagement between the Bank and IBOA.

IBOA General Secretary, Larry Broderick, said that "the terms brokered by the Labour Relations Commission represented 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 Bank's employees with appropriate assurances about the integrity of the key provisions of the existing pensions agreement."

"Viewed against the background of recent developments in pensions within Irish banking and the economy generally, our Executive Committee recommended the settlement proposals to our members in Bank of Ireland. Our members have now endorsed that recommendation," said Mr. Broderick.

"Taken alongside the announcement from the Minister for Finance that the Department of Finance has reached agreement with the Bank on the State's exit from the Preference Share investment with a significant return to the Exchequer, this marks a further milestone on the road to recovery in Bank of Ireland - in which the Bank's employees have played a key role. IBOA looks forward to continued progress in Bank of Ireland for the benefit of all its stakeholders - particularly staff and customers - as well as the economy as a whole," said the IBOA leader.