Fears that traditional defined benefit funds will all but disappear
The largest pension provider in the State is closing its staff pension scheme, prompting fears that traditional defined benefit plans are now set to disappear from the private sector.
Unions at Irish Life want the law altered urgently in a bid to stop the company closing its defined benefit pension for 1,200 staff.
It comes despite the Irish Life scheme having a €150m surplus.
The Unite union's briefing note says employees are "forced to take all the risk, while the company takes none". It adds that the union wants protections built into new legislation against firms closing defined benefit plans when they are financially healthy. It is the latest large company to shut its defined benefit scheme here.
Irish Life said it has had an extensive number of meetings about its proposals and discussions are ongoing.