Top firms slash pension benefits

THOUSANDS of employees at some of Ireland’s biggest companies have had their pension benefits slashed in order to improve the balance sheets of the businesses.

Pension scheme benefit changes have reduced balance sheet liabilities by over €2 billion, with staff bearing the brunt of the cuts, according to a report published today by business consultants LCP Ireland.

At the same time, the pension liabilities of Ireland’s top three banks — AIB, Bank of Ireland, and Irish Life & Permanent — are hitting their growth and hampering plans for mergers. Anglo Irish Bank is one of the few banks able to meet its pension liabilities.