Shannon Aerospace workers vote to accept new pension proposals

SIPTU members at Shannon Aerospace have voted by a three-to-one majority to accept pension proposals issued by the Labour Relations Commission.

SIPTU said the proposals included the closure of the existing defined benefit pension scheme and the transfer of employees to a different defined contribution scheme.

An up-front investment will be included for those transferring to the new scheme, along with compensation.

The proposals also include a provision for registering the new pension agreement with the Labour Court when legislation is enacted for registering union and company agreements.