'Extremely disappointed' Pfizer shelves plans to phase out Direct Benefit pension scheme

Pharmaceutical giant Pfizer has abandoned plans for the moment to phase out a Direct Benefit (DB) pension scheme for its Irish employees.

The company said it was "extremely disappointed" that after five years of negotiations staff at its plant in Ringaskiddy, Co Cork, had recently voted to reject a WRC proposal which would have led to the eventual phasing out of the DB scheme.