The Labour Court recommended intensive talks between Bank Of Ireland and Amicus over a new pension scheme for staff recruited from 1 October 2006. The recommendation was dated 23 January 2007.
The Court found the parties had not fully used agreed procedures before the bank introduced changes, and that their manner and timing did not accord with their 2005 agreement. The bank said rising pension liabilities and accounting rules required action to protect its financial position. Amicus opposed transferring some financial risk to employees and questioned whether the new scheme would provide benefits comparable to the established defined-benefit scheme. The Court said the new scheme shifted some risk to employees and did not guarantee the same result as the established scheme.
The Court recommended a single process of engagement, assisted by professional experts and the Labour Relations Commission, to address the structure and funding of pension schemes and assurances about retirement benefits. Outstanding issues could return to the Court after no more than three months. It also recommended that eligible staff recruited since 1 October be offered a one-off option to join the established scheme while the process continued.