Bank of Ireland welcomes and accepts proposals on new pension scheme

Bank of Ireland has welcomed and confirmed its acceptance of the proposals issued today in relation to the introduction of LifeBalance as the pension scheme for new entrants to the Group. These proposals are recommended by the Labour Relations Commission, and have been endorsed by the Labour Court as abiding by its recommendation in January 2007. The proposals follow 18 months of intensive discussions between the Bank, IBOA and Amicus.

In announcing its acceptance of today's proposals Bank of Ireland thanked the Labour Relations Commission for its facilitation of the discussions and also thanked the Labour Court for its role in the process and the staff representative groups for the constructive and positive approach to the discussions. A spokesperson for the Bank added: "Bank of Ireland welcomes the outcome of what was a hard-working and comprehensive process conducted in a positive atmosphere where the shared objective was to ensure the best outcome for all Bank of Ireland employees. We believe we have achieved a balanced and fair result that will deliver very satisfactory pensions on retirement for our employees that is ahead of the market in general."

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25 October 2007