The Labour Court recommended that Topaz Energy Limited’s €750,000 compensation proposal for the loss of the pension element of redundancy be accepted in full and final settlement of that claim. The recommendation, signed on 5 April 2006, followed a dispute with the Services Industrial Professional Technical Union over pension arrangements after Topaz bought shares in Irish Shell Limited. The Court also recommended that the company increase its offer for the defined-benefit scheme gap by a further 20%. It recommended keeping two existing scheme rules for two years under the proposed Topaz scheme, then reviewing them, and putting the package to a ballot as a composite settlement.
Labour Court recommends Topaz accept €750,000 pension-related proposal
Historic decision · Decision date:
Place: no local area assigned from the source.