Amicus union reaches agreement with Allianz

The Amicus trade union has reached an agreement with insurance company Allianz over new pension arrangements for staff.

The existing defined benefits pension scheme will be maintained for all workers who join the company before January 2007.

New employees joining after January will join that scheme, but will have their benefits capped at a pensionable salary of €45,000.

The company will contribute 10% of the salary over that amount to a defined contribution fund.

Amicus National Officer Jerry Shanahan says other employers could learn from this agreement:

“The problem with the situation is that a mantra has started to develop coming from some of the major employers and some of the agencies that provide expertise in this area; a mantra which is saying you have to shut down the defined benefit schemes.

“This agreement clearly says 'no you don't'.”