Bank and union agree pension deal

AMICUS has reached agreement in pension negotiation with Irish Life and Permanent TSB. The outline agreement was reached at a meeting yesterday between the bank and union officials.

While full details have yet to be put to members, the basic elements are the retention of the existing defined benefits scheme for current members; entry to a new defined benefit hybrid scheme for new joiners after January 1 with a cap on the value of the benefits it will guarantee; and a top-up funded by a defined contribution scheme into which the employer will pay an agreed percentage.

Amicus national secretary Jerry Shanahan said: “Bank of Ireland said there was no alternative. They are wrong, and we would urge them to open their minds and think again ahead of our Labour Court hearing on December 15.”