IRELAND - A deal has been reached between Amicus union and the EBS Building Society on the future of the company's pension scheme.
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.”
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.