Belfast Telegraph

Ulster Bank staff reject hike in pension premiums

By John Mulgrew

Union members have rejected a proposal from Ulster Bank that could see staff paying in more to a pension scheme following UK-wide changes by Westminster.

The Irish Bank Officials' Association (IBOA) says Ulster Bank in Northern Ireland is passing on contributions of £1m a year to its workforce.

It says this will hit 1,500 members of the defined benefit pension scheme.

The changes to contributions for defined benefit pension schemes are happening as the result of UK-wide reform.

"By imposing this additional burden on its workers, Ulster Bank would effectively wipe out the modest pay rises secured by our members recently," said IBOA general secretary Larry Broderick.

A spokesman for Ulster Bank's parent company RBS said: "Reforms made to defined benefit pensions mean that the costs of our own scheme have risen.

As a result RBS is proposing to increase the cost of being a member."

Belfast Telegraph