Labour Court urges National Irish Bank and union to resolve pension scheme issues

The Labour Court recommended that National Irish Bank and the Irish Bank Officials Association re-engage to resolve outstanding issues over changes to the bank’s Defined Benefit pension scheme. The recommendation was signed on 25 February 2011. The union said the scheme had been closed to future accrual without using agreed procedures and sought renewed negotiations. The bank did not attend the hearing but sent a letter setting out its position. The Court noted that 97% of staff had accepted a Hybrid Scheme offer, which included a lump sum payment equal to 5% of salary. The Court said the Hybrid Scheme should become operational throughout the workforce, while outstanding matters—including protection of accrued Defined Benefit benefits—were resolved. It also recommended clarifying industrial relations procedures for the future.