Deal struck in Bank of Ireland industrial dispute

Trade union leaders and Bank of Ireland bosses have hammered out a deal to end a lengthy industrial row that saw workers strike, it was confirmed today.

Amicus members staged a walkout at the bank's headquarters almost a year ago in protest at changes to the staff pension scheme.

But after intensive talks at the Labour Relations Committee over the past two weeks both sides have come to an agreement to resolve the dispute.

Colm Quinlan, Regional Officer with Unite, a branch of Amicus, said: "It took longer than we wanted, and required brave action on the part of members over a benefit that has never been seen as 'glamorous', but today's agreement justifies their commitment and will be of benefit to all employees at the bank."

The deal will now be put to union members over the coming two weeks with a recommendation by Amicus leaders to accept it.

The agreement includes provisions for existing staff to remain within a defined benefit scheme while staff who have joined the bank since October last year will have the option to join the existing or the new scheme.

The new scheme will include defined benefits and defined contribution elements with long term benefits.

"We are pleased to have finally reached an agreement that satisfies our members long-term security," added Mr Quinlan.

"We have recognised the bank's need to take account of the global financial economy but have secured a favourable balance so that members of the union and all employees are guaranteed a fair pension scheme without having to bear unfair risk as had been originally suggested."