Siptu fights Pfizer bid to take 1,000 staff off defined benefit pension scheme

Trade union Siptu is resisting attempts by Pfizer to shut down its defined benefit — DB — pension scheme for 1,000 Irish employees.

The drug producer has made the move after describing its pension scheme as “unsustainable” and “not fit for purpose”.

It told the Labour Court that over the last five years its DB members had cost it an additional €10m.