Union rejects Ulster Bank pension proposal in North

IBOA, the finance union, has challenged Ulster Bank’s proposal to increase the cost of its defined benefit pension scheme for 1,500 staff in the North.

The bank is looking to hike the cost of its pension scheme in response to changes being introduced by the UK government.

Ulster Bank’s national insurance employer contributions will increase by £1m (€1.28m) per year from next month as part of UK pension reforms.