BoI pensions row to top agenda at IBOA conference

The pensions row at Bank of Ireland is set to top the agenda at the annual conference of the Irish Bank Official's Association in Co Down today.

The union has already decided to ballot its members at the bank on possible strike action over changes being introduced to the pension scheme.

The ballot is being arranged following Bank of Ireland's decision to introduce the scheme this week while talks on the matter were still ongoing.

The changes will see all new employees offered a different pension scheme than the defined benefit scheme enjoyed by existing staff members.

The IBOA says it will create a two-tier pension system, with newer workers having less protections than their older counterparts.

It says the move smacks of corporate greed given the massive profits being earned by the bank.

However, Bank of Ireland has rejected the criticism and has insisted that the new pension scheme is a good deal that will safeguard the future of the pension scheme for all employees.