I have been informed by the bank that the terms of its voluntary severance programme agreed up to 31st March 2014 were a severance payment of four week’s pay per year of service including statutory entitlement or, three week’s pay per year of service plus statutory entitlement. The individual staff member, if accepted to leave the organisation under the scheme, is able to choose which option suits their particular circumstances. These payments are subject to a cap of the lesser of two years annualised salary, including all pensionable elements, or €225,000. These terms applied in the United Kingdom also apart from a payment cap of £190,000.
In relation to the Voluntary Early Retirement the scheme was voluntary and open only to staff in the AIB Group Scheme (DB Scheme) that were at least 50 years of age at 31st December 2012 and whose normal retirement date did not occur before this date. Hybrid members of the DB Scheme and members of the AIB Group Defined Contribution scheme were not eligible to apply for early retirement.