AIB to perform U-turn on staff pensions

CLOSE to 6,000 of AIB’s Irish workers are in line for a significant boost to their pensions following radical proposals from the Independent Industrial Relations Tribunal.

It is understood the cost to the bank — if it is implemented — could be in the region of €100 million.

Since 1997 new employees at the bank, the largest company on the Irish Stock Exchange based on share value, have been on defined contribution plans where pensions depend on stock market performance.