The Labour Court recommended on 22 February 2013 that Gernord Ltd’s management claimants accept the company’s final proposals to close its defined benefit pension scheme and introduce a defined contribution scheme. The workers accepted that the existing scheme was unsustainable but sought compensation for its loss and higher employer contributions to the new scheme. The company cited deficits and rising funding costs. After the company improved its offer, the Court considered its final proposals fair and reasonable and recommended that the claimants accept them. It also recommended a joint review of the new scheme if the company’s commercial and financial position improved.
Labour Court recommends workers accept Gernord pension offer
Historic decision · Decision date:
Place: no local area assigned from the source.