Labour Court recommends pension scheme continue under 1969 agreement

In 1988, the Labour Court recommended that Bord Na Mona and Amalgamated Union Of Engineering Workers (T.A.S.S.) continue operating their pension scheme under the 1969 agreement and meet after an actuarial report became available. The recommendation was signed on 14 January 1988. The union sought a change on behalf of about 750 workers, arguing that pension increases had stopped despite members’ expectations and that any shortfall should be funded by the company. Bord Na Mona said increases were discretionary and had not been approved after actuarial valuations showed problems with the fund. The Court noted earlier increases had followed valuations, while later ones were not approved because of the fund’s actuarial position. Workers contributed up to 8.50% of salary to the scheme, which was funded equally by workers and the company.