Irish Life: Decision to close pension scheme down to greed rather than need

unite-white-out-of-redJackie Pollock says workers backed by Unite strike fund amounting to tens of millions

April 24th: Speaking on the Irish Life picket line in Dublin today, Unite Regional Secretary Jackie Pollock said the decision by Great West Lifeco and Irish Life management to close the workers’ healthy Defined Benefit pension scheme had “nothing to do with need and everything to do with greed”. Pledging the union’s full support to members in Irish Life, he pointed out that Unite has a strike fund totalling tens of millions of Euro.

Unite members in Irish Life are today engaged in a second 24-hour stoppage in a dispute centred on the company’s unilateral decision to close the workers’ Defined Benefit pension scheme as of June 30th without the union’s agreement.

“The scheme has never been in deficit, the surplus will be €240 million on June 30th, and the scheme has assets of around €1.1 billion.  Closure of the DB scheme would result in workers losing up to 35% of their anticipated retirement income, leaving many facing pension poverty.

“The decision by Great West Lifeco and Irish Life management to close this scheme, without the workers’ agreement, has nothing to do with need and everything to do with greed.

“Unite members are determined to resist this ‘Great Irish Life Pension Robbery’, and in doing so they have the full support of Unite and all our resources, including our union’s strike fund amounting to tens of millions.

“Employers need to be very clear: when our members are in dispute, they not only have right on their side – they also have their union’s might on their side”, Jackie Pollock said.

This entry was posted in Press Releases, Republic of Ireland news, Uncategorized and tagged , , , , , . Bookmark the permalink.

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