FSU and PTSB reach agreement on TUPE transfer measures

25 July 2022

FSU to open ballot of Ulster Bank members this week

The Financial Services Union (FSU) and PTSB have reached agreement on a statement of measures for the transfer of certain staff in Ulster Bank to PTSB.

The agreement follows the announcement last week by the Competition and Consumer Protection Commission (CCPC) to clear the proposed acquisition by PTSB of approximately €7.6bn of the Ulster Bank SME and Asset Finance business in the Republic of Ireland.

Commenting on the agreement Gareth Murphy, Head of Industrial Relations and Campaigns with the FSU said:

“This agreement follows months of lengthy and tense negotiations where the FSU sought to ensure that terms and conditions currently enjoyed by union members in Ulster Bank were protected. We believe the agreement protects our members interests and, in some cases, improves their current contractual position.

The agreement is contingent on a majority of our members in Ulster Bank voting to accept the proposals.”

Included in the statement of measures is a choice for Ulster Bank staff to retain their 35-hour week or move to the PTSB 36.25-hour week but receive a pay increase equivalent to the hours increase. Also included is a 15% pension funding which will be paid as 10% employer contribution and 5% allowance which can be used to increase pension contributions or remain as an allowance.

Approximately 400 staff are expected to transfer from Ulster Bank to PTSB if the agreement is accepted.

A ballot will open on Thursday 28th of July and close at 5pm on Wednesday 10th August.