Belfast Telegraph

Wednesday 16 April 2014

BoI defends pension changes despite massive €887m profits

Bank of Ireland is standing over its decision to close off its defined benefit pension scheme to new staff despite reporting massive profits for the six months to the end of September.

The bank said today that its pre-tax profits for the period were up 5% to €887m, or around €5m-a-day.

The company is currently in dispute with its staff over the pension changes, with the IBOA says will lead to a two-tier system and smacks of corporate greed.

BoI chief executive Brian Goggin admitted today that the new "hybrid" pension plan was not as a good as a defined benefit scheme.

However, he insisted it was "materially and significantly better" than a basic defined contribution scheme.

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