The Labour Court recommended closing Vita Cortex Limited (Cork)’s defined benefit pension scheme from 1 January 2009, preserving accrued benefits and placing later service in a defined contribution scheme. The recommendation was signed on 31 August 2009. The Services Industrial Professional Technical Union opposed the proposed wind-up, warning it could harm employees nearing retirement. The company said its finances had deteriorated and it was willing to provide a defined contribution scheme with a greater contribution. The Court said the company had not made a sufficiently compelling case for a complete wind-up, but recommended the change to the scheme and further discussions on implementation details.
Labour Court recommends changes to Vita Cortex pension scheme
Historic decision · Decision date:
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