FSU Retired Members Committee to hold protest outside Bank of Ireland AGM

Bank must publish review of pension scheme

The Retired Members Committee (RMC) of the Financial Services Union (FSU) are to hold a protest outside the Bank of Ireland AGM today.

Retirees will claim that Bank of Ireland have reneged on commitments made  in 2010 and 2013 that when profitability stabilised and normality returned to the pension scheme there would be a review of the cutbacks made to the scheme during the financial crash.

Commenting Ciaran Mahon, Chairperson of the Retired Members Committee of the FSU said:

“Despite record profits no increase was granted to pensioners in the Republic of Ireland for 2024, due to the existing clawback rules of the Bank Staff Pension Fund (BSPF). Cost of living expenses are continuously rising.  Pensions have not kept pace with these increases over the years, and because of the clawback have been eroded, with those on lower pensions being hardest hit.

The Bank made a commitment in 2010 and 2013 that when profitability stabilised and normality returned, there would be a review of the cutbacks made to the scheme.”

The profitability transformation has been more than achieved - Bank operating profits now exceed pre-crash levels at 1.9 Billion Euro. The Bank have stated that they have reviewed the scheme but have not shared the contents of that review with FSU and to date refused to make any changes.

Commenting John O’Connell, General Secretary of the FSU said:

The Bank refusal to address the core issues of a claw back by the bank of the first 1% of any increase, that newly retired Bank of Ireland staff get no increase for the first 3 years, and a 4% cap on increases, has forced retired Bank of Ireland retired staff to take this action.

We call on Bank of Ireland to publish the review of the scheme and to meet with the FSU and work to immediately to resolve all outstanding issues to the satisfaction of everyone involved.”

ENDS

For more information, please contact:
Karl Hayden, FSU Communications Team, Mobile: 0879368313 Email: karl.hayden@fsunion.org