"Landmark" pension deal for EBS

Dubbed a “landmark” deal, the agreement will see all benefit schemes remaining part of a single fund.

Under the new agreement, the existing defined benefit pension plan will be maintained for current employees at all grades up to assistant manager.

Comparable benefits will be introduced for new hires.

The union and the building society also agreed for a hybrid DB/DC scheme to be set up for managers and senior management.

“We see this agreement as establishing a blueprint for negotiation with other financial institutions,” said Amicus national officer Jerry Shanahan.

He continued: “We have forged a way forward with EBS which protects our members’ long term financial interests and removes the fear of a retirement shortfall. Yet, at the same time it recognises the concerns employers have over the potential impact of international monetary factors outside of their control.”

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