Cork protesters demand bank reverses pension cuts

Several dozen Bank of Ireland staff pension fund (BSPF) members protested outside the bank’s South Mall branch last week over reductions to their pensions.

Paul Harty, a member of the Justice for the BSPF group, explained that reductions were introduced in 2010 and again in 2013, and that BSPF members agreed these as a result of the “dire financial state” of the bank during the financial crash.

Mr Harty said: “The BSPF members felt they had no option but to accept the draconian pension changes, based on the dire state of Bank of Ireland’s balance sheet at that time.

“These changes were accepted by BSPF members, partly based on a commitment given by the bank in 2010 and 2013 to review the situation when circumstances improved,” he said. However, there has been no review. “The BSPF members are furious that Bank of Ireland senior management have not shown any willingness to address this issue.”

Disgust

They protested outside 32 South Mall, Cork city, to demonstrate their “disgust with BoI senior management for ignoring this issue”, following a similar protest outside the bank’s Dublin headquarters in October.

Mr Harty said: “Bank of Ireland’s senior management’s intransigence is seriously impacting the income of its current, deferred, and future Bank of Ireland staff pension fund members.”

A group of 80 pension members protested to show their frustration, and to demand that the pension changes be reversed in light of the huge profits that Bank of Ireland are reporting.

Clawback rules

The Dublin protest was organised by the retired members’ committee of the Financial Services Union, with chairperson Ciaran Mahon saying: “Despite record profits, no increase was granted to pensioners in the Republic of Ireland for 2024, due to the existing clawback rules.

“Cost-of-living expenses are continuously rising. Pensions have not kept pace with these increases over the years and, because of the clawback, have been eroded, with those on lower pensions being hardest hit.”

The union noted that the bank’s operating profits now exceed pre-crash levels, and that the bank had stated that it had reviewed the scheme, but had not shared the contents of that review with the union and, to date, had refused to make any changes.

The Echo contacted Bank of Ireland for comment.