Dáil Éireann Debate, Thursday - 25 May 2017
81. Deputy Pearse Doherty asked the Minister for Finance the safeguards he will put in place to protect the rights and conditions, including pension entitlements of persons (details supplied) or other State backed banks following a sale. [25083/17]
View answerAny potential IPO of AIB, or sale of shares in the State's other investments, will make no change whatsoever to the rights of employees or pension holders in those institutions.
As the Deputy is aware, as Minister for Finance I have no role in the day-to-day operations of any of the banks in which the State is a shareholder. Staff pension entitlements and related matters are a matter for the Board and management of each institution, in keeping with their obligations under relevant industrial relations agreements or in cooperation with pension fund trustees, where such obligations exist. Further information on the rights of pension holders can be accessed from the Pensions Authority: http://www.pensionsauthority.ie/en/
I requested that AIB comment on the Deputy's question and they have offered the following response:
"AIB closed all of its defined benefit pension schemes to future accrual from 31st December 2013. From 1st January 2014, all AIB staff accrue pension benefits on a defined contribution basis.
AIB agreed funding plans with each of its closed defined benefit schemes and has met its funding obligations for each plan.
Any potential AIB IPO would not impact on these pension arrangements."
