Bank of Ireland is meeting with its unions after an Irish labor court recommended earlier this week that the bank renew talks over the closure of its defined benefit plan. The court also said that until talks are completed, the plan should remain open to members hired after Oct. 1. Bank of Ireland announced in May 2006 that it would implement a new pension plan for employees hired after Oct. 1.
Once talks are completed, Bank of Ireland officials "will consider the recommendation to offer individual staff members ... the once-off option to join a previous scheme," according to a separate statement, issued Tuesday.
Bank of Ireland spokeswoman Cora Whyte was not able to provide additional information.