SIPTU representatives have called for an urgent meeting with the Irish League of Credit Unions (ILCU) concerning media reports of a €78 million deficit in its Defined Benefit Pension (ROI) scheme. The reports suggest that recommendations to address the deficit include plans that the scheme be closed off to new members and that no new pension benefits will accrue to existing staff who are scheme members. Subject to trustees agreement, existing members would be provided a defined contribution scheme from 1st March 2022, according to the plans reported today (Friday, 28th January). SIPTU Organiser, Peadar Nolan, said: “SIPTU members were shocked to learn in media reports this morning of details relating to the ILCU pension scheme which could have serious implications for our members in credit unions across the country. “In July last year, SIPTU representatives were made aware of proposals to restructure the pension scheme by its trustees in line with their regulatory obligations. However, today’s news completely changes the situation. The previous proposals, had they been agreed, would have seen the defined benefit scheme retained with some changes to the structure of members’ benefits. This proposal was withdrawn in late December 2021. “SIPTU representatives have been seeking engagement on the pension issue with the ILCU since the trustees flagged proposals last year to make changes, but so far they have refused to meet us.” He added: “We need to sit down urgently with the key players involved to go through the details of the plans reported today. SIPTU representatives will be pursuing the matter to ensure we get a satisfactory outcome for our members. We believe the ILCU is best placed to facilitate such an urgent engagement.”
SIPTU calls for meeting with ILCU management over pension scheme concerns
