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2006

SIPTU condemns Bank of Ireland over pension scheme

Date Released: 05 Oct 2006

 SIPTU General Secretary, Joe O’Flynn says his Union is extremely concerned at the actions of Bank of Ireland over their determination to close off their defined benefit pension scheme to new employees.

“It is a matter of record that SIPTU itself had a difficulty with its pension scheme but in co-operation with our staff, we put in place a funding regime which in less than two years, has reduced the deficit significantly. while at the same time protecting the integrity of the scheme.

“Contrast this, with the decision of the Bank of Ireland - the second-largest financial institution in the State with profits of over €1.32 billion last year - to close off its defined benefit scheme in favour of a defined contribution scheme for new entrants, simply to make even more profits.  The Bank is a major player in the pensions arena and their actions are therefore all the more reprehensible.

“Bank of Ireland is a key member of IBEC. Yet it seems there is little that IBEC can do if the bank decides to move ahead with its plans.

“Irish Independent Newspapers - the same people whose predecessors spearheaded the 1913 Lock-Out are proposing something even worse.  Not only have they proposed to close off their defined benefit pension scheme but they are trying to force employees to sign up to increased contribution levels with an accompanying threat of winding up the existing scheme if they don’t.  And in typical cavalier fashion, Independent Newspapers have refused to go the Labour Court on this matter

Turning to Shannon Development, Joe O’Flynn told delegates that the Union had managed to convince the Minister for Enterprise and Employment, Michael Martin to reverse a decision to strip the enterprise of its key functions.

“We are glad to be able to say that contrary to what the Minister proposed, Shannon Development will continue to market and grant aid new foreign direct investment projects in the interests of delivering the very best infrastructure and opportunities for the workforce and wider public of the Shannon Region.”

Finally Mr. O’Flynn reported that SIPTU’s membership in the Region had increased by over 1,200, despite major job losses in the region – including those in Allergan, Schwarz, Boart Longyear, St. Gobain, Transnova, and Tyco Healthcare.  “Significant numbers of new workers had to be organised by the Union to achieve this welcome result,” he said.

 





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