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C.I.E Pension update

27 July 2017

Talks at the Workplace Relations Commission on pensions have ended without any agreement.

 

The company had looked to make significant changes to the 1952 scheme such as increasing the retirement age to 66, closing the scheme to new members and elimination of notional service purchase.

These proposals were not acceptable the trade union.

We are currently in the process of seeking legal advice and also awaiting the analysis of the figures of the scheme by an independent actuary to help determine the health of the scheme now and going forward into the future. It is important that we get a concise and clear understanding of the 1951 scheme in its current state and also to determine if it is suitability sustainable going forward for members who are still some way off retirement.

As talks have broken down the company has indicated that it intends to now refer the issue of the pensions to the trustees of the 1951 scheme (pension committee)

We believe and have indicated to the company that the best way to deal with any pensions issue is via direct negotiations with the relevant trade unions and if it was demonstrated that changes would be required it should then be put to all members to be balloted on.

Once we have the relevant legal and financial information we will then be in a better position to explore how the pensions issue should be best addressed.

 

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