SIPTU flout standards ‘regressive to pensions’

THE country’s largest trade union has decided to deliberately flout accepted accounting standards in its latest annual report, claiming the rules are regressive for pension schemes.

SIPTU’s accounts, which will be registered with the Register of Friendly Societies today, show the union recorded an income of €36.9 million in 2005, more than €35m of which was funded by member contributions.

The union has always argued that international accounting rules adopted by Irish accountants since 2002 are inappropriate and damaging to defined-benefit pension schemes.