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25/10/2007
Pension Deal Settles BOI Dispute
The Bank of Ireland has now accepted proposals for a pensions deal that will end a dispute with unions that led to a strike last November.
The dispute was centred on conditions for new, incoming workers with the new "hybrid" scheme being a mixture of defined-benefit and defined-contribution schemes.
It replaces a defined-benefit pension plan for existing workers where a final payout was guaranteed.
Under the new scheme, workers will contribute 2.5 per cent of salary to a Retirement Capital Account and will have the option of contributing up to three per cent of salary to a Personal Investment Account (PIA), which the bank will match with up to three per cent of salary.
A spokesperson for the Bank added: "Bank of Ireland welcomes the outcome of what was a hard-working and comprehensive process conducted in a positive atmosphere where the shared objective was to ensure the best outcome for all Bank of Ireland employees."
"We believe we have achieved a balanced and fair result that will deliver very satisfactory pensions on retirement for our employees that is ahead of the market in general."
The proposals were recommended by the Labour Relations Commission (LRC) and endorsed by the Labour Court following a protracted dispute with unions over the terms of the package.
(BMcC)
The dispute was centred on conditions for new, incoming workers with the new "hybrid" scheme being a mixture of defined-benefit and defined-contribution schemes.
It replaces a defined-benefit pension plan for existing workers where a final payout was guaranteed.
Under the new scheme, workers will contribute 2.5 per cent of salary to a Retirement Capital Account and will have the option of contributing up to three per cent of salary to a Personal Investment Account (PIA), which the bank will match with up to three per cent of salary.
A spokesperson for the Bank added: "Bank of Ireland welcomes the outcome of what was a hard-working and comprehensive process conducted in a positive atmosphere where the shared objective was to ensure the best outcome for all Bank of Ireland employees."
"We believe we have achieved a balanced and fair result that will deliver very satisfactory pensions on retirement for our employees that is ahead of the market in general."
The proposals were recommended by the Labour Relations Commission (LRC) and endorsed by the Labour Court following a protracted dispute with unions over the terms of the package.
(BMcC)
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