Date Released: 31 July 2014
SIPTU members at Shannon Aerospace Ltd voted this week by 75% to 25% to accept pension proposals issued by the Labour Relations Commission (LRC).
SIPTU Organiser, Tony Carroll, said: “The proposals include the closure of the existing defined benefit pension scheme and the transfer of employees to a defined contribution scheme. This transfer will include an up-front investment for members in the new pension scheme, conducted under the guidelines set out in the Society of Actuaries Statement of Reasonable Projection, along with a significant element of compensation. The proposals also include a provision for registering the new pension agreement with the Labour Court when new legislation is enacted for registering union/company agreements.”
He added: “SIPTU wish to acknowledge the support and efforts of the LRC, since the autumn of 2013, in facilitating the negotiations that led up to this agreement. It is expected that the agreement will be implemented by the end of October 2014.”