Press Release

SIPTU members in Pfizer reject claim that Labour Court supports move away from DB pensions

Date Released: 11 April 2018

SIPTU members in Pfizer Ireland have today (Wednesday, 11th April) rejected a claim by management that a Labour Court recommendation, which they are currently considering, supports a move away from their defined benefit (DB) pension scheme.

SIPTU Sector Organiser, Alan O’Leary, said: “SIPTU workplace committees at Pfizer plants in Ringaskiddy and Little Island in County Cork are currently engaging with an independent actuary concerning this Labour Court recommendation. The actuary is assisting them in clarifying the implications of the proposals for our members' future pension bene
 
“It is very unhelpful to this consultation process that Pfizer management decided to react publicly to the Labour Court recommendation in advance of our members having a fair opportunity to comprehensively contemplate its details. It is disingenuous and totally inaccurate of Pfizer management to claim, as it did in a recent newspaper article, that the recommendation supports ‘moving away’ from the DB scheme.
 
“Our members believe that these comments reveal one of the fundamental reasons why, since 2014, Pfizer Ireland has been attempting to change our members' existing pension benefits. This has happened while in other EU countries, such as Belgium, Pfizer workers have been allowed the right to voluntarily stay in the DB pension scheme or opt out to migrate to a defined contribution scheme.”
 
He added: “Our members have reminded the company that a joint union/management collective agreement remains in place until a new collective agreement is reached. Until then, any alteration or amendment to our members' existing DB pension scheme will not be tolerated.
 
“There will be no further comment on the Labour Court recommendation until our members have a fair and reasonable opportunity to fully consider it.”


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