Labour Court recommends keeping Irish Red Cross pension contribution rates

The Labour Court recommended retaining existing employer and employee contribution rates to the Irish Red Cross defined contribution pension scheme for eight staff members in a recommendation dated 18 April 2019. The Services Industrial Professional Technical Union said the 2017 move from a defined benefit scheme had not been agreed on the basis of reduced employer contributions and opposed a proposed cut to 5%. The Irish Red Cross said financial difficulties meant it could no longer afford annual employer contributions of €54,800; the proposed rate would cost €17,600. The Court recommended keeping employer and employee contributions at the rates in place since the defined benefit scheme closed. It also recommended that the Irish Red Cross and the union jointly approach public funders to address any funding shortfall.