Pension top-up - Government needs to act decisively

Kieran Mulvey, the chief executive of the Labour Relations Commission, had denounced the proposed €1.5 million pension top-up being accorded to the Bank of Ireland chief executive, Richie Boucher.

Mr Boucher has now decided to waive his right to retire on pension at 55. The proposed pension top-up had created a negative climate in industrial relations and would have make it harder to get the Croke Park pay deal accepted by the rank and file of the unions.

The debate within the unions on the agreement is being dominated by anger over revelations surrounding payments to key bankers, according to Mr Mulvey. In fact, he suggested that this anger could lead to the agreement being voted down.