Lessons must be learned - Waterford pension deal

At the end of a long working life, the very least former employees have a right to expect is that they will receive their pension entitlements.

However, as 1,700 former Waterford Crystal workers learned to their cost, that dream can become a nightmare if things go wrong. They were left with nothing when the firm and its pension scheme became insolvent.

Already reeling from a succession of closures, the decline and closure of Waterford’s historic, albeit troubled flagship industry dealt a bodyblow to the morale of the city and county. The catastrophe of its final closure in 2009, left the workers and their union no other choice but to engage in a relentless battle, going as far as the European Court of Justice where it won a landmark victory effectively securing their rights. The good news is that a pension deal for the former crystal employees will be discussed by the Cabinet tomorrow and signed off by the Government on Thursday. It clears the way for a vote by ex-Waterford workers on a package including a payment of €1,000 per year of service without affecting their social welfare rights.

With a deal for the former glass workers finally on the cards following their prolonged fight, employees in a number of other companies will watch the outcome with great interest. It is crucial that lessons are learned from the Waterford debacle so that no workers will forfeit their pension entitlements.