Subscribe to our e-newsletter
Follow us on Twitter
Privacy and cookies
Established 1996
Thursday 19 April 2018

LATEST NEWS 

Spring Conference

Irish Life strike over DB pension to take place on Thursday

Written by Talya Misiri
11/04/18

Irish Life employees are to stage a 24-hour strike over the closure of their defined benefit pension scheme this Thursday, 12 April 2018.

Staff and members of workers union Unite voted in favour of industrial action earlier this month that will take place from 0.01am to 23.59pm tomorrow ahead of the planned closure of Irish Life’s scheme on 30 June 2018.

Ireland’s largest pension provider currently has a DB scheme with over 3300 members, including pensioners and deferred members. The scheme has a surplus in excess of €200m, with assets of around €1.1bn and has never been in deficit.

According to The Journal.ie, pickets will be positioned outside the Irish Life offices in Dublun and Dundalk from 6am to 6pm. In addition, a rally is to be held outside the Dublin site from 12pm to 2pm.

Commenting on the decision to strike, Unite’s Irish Life Committee chairperson Joe Conroy said: “As the country’s largest pension provider, people up and down the country trust Irish Life to ensure their pension security in retirement, yet the company is threatening the pensions security of its own workers.”

An earlier statement issued by Irish Life claimed: “The company believes that this is the right thing to do to ensure that the interests of all scheme members – active members, deferred members and pensioners are protected. The closure to future accruals is designed to ensure that the accrued pension benefits and the link to final salary are sustainable into the future.”

The firm added that: “Current active members will transfer to a new market leading defined contribution scheme in respect of their future pension benefits, and support and guidance will be provided to help them with the transition.”



Related Articles

Latest News Headlines
Adam Cadle provides a summary of the big European pensions stories to have hit the headlines this month
Most read stories...
World Markets (15 minute+ time delay)
FTSE
7,328.92
+11.58
S&P 500
2,693.13
-15.51
Nikkei 225
22,191.18
+32.98

Money Age Book Now