Pensioners to picket Glanbia AGM
A group of pensioners is to picket Glanbia's AGM this morning over what they claim is a breach of contract on a long-held pension arrangement.
Around 20 former employees will hold the protest outside the Newpark Hotel in Kilkenny as part of an ongoing dispute.
The pensioners belong to a group of 50 former employees of Waterford Foods who are demanding that a cut in their pension be revoked.
They claim Glanbia breached a contract it signed in 1992. That contract apparently promised the former staff a 3.5pc annual increase in their pension after retirement in return for foregoing a 4pc pay increase.
Waterford merged with Avonmore in 1997 to form Glanbia.
This top-up was paid every year up to January, when the company is said to have "unilaterally" abandoned it. Other elements of the 1992 agreement continue to be honoured by the company, the group said.
Last month Glanbia said the changes were part of a 2010 agreement with the company's trustees and all members to help fund a pension fund deficit of €200m.