Financial Services Union Standing Up For Pensions FSU Members’ Meeting

Financial Services Union Standing Up For Pensions FSU Members’ Meeting – Danske Bank Wednesday 14 June, 2017 7.30pm, Wellington Park Hotel, Belfast Larry Broderick, General Secretary Mandy La Combre, Senior Industrial Relations Officer

Financial Services Union Standing Up For Pensions Danske Bank Members Meeting @fsuireland www.facebook.com/fsuireland www.fsunion.org

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Financial Services Union Standing Up For Pensions Reminder – Pensions 2008 June 2007 Bank announces review of Pension Scheme Scheme deficit 23 million approx Options; closure/extended retirement to 65 etc. Bank open to negotiations Trustees informed no decisions Members rallied and supported Union Agreement reached on changes focussed on retaining the Scheme 4

Financial Services Union Standing Up For Pensions FSU – New Pension Agreement 2008 Accrued Normal benefits protected pension age remains at 60 Pensions Career in payment not affected average Mortality Pension in payment up to 2.5% Members Staff risk sharing contribution responded/Bank listened/Union secured agreement 5

Financial Services Union Standing Up For Pensions Since 2008 – Staff sacrifices Mismanagement Staff of Danske Group/Danske Northern Ireland reductions Massive Major closure of Branches restructuring Limited pay increases over the period Loss of bonus etc. Staff adapted / Bank survived 6

Financial Services Union Standing Up For Pensions Staff View Pension key for longer serving staff Staff contribution not acknowledged or appreciated No real commitment to resourcing the Bank to meet customer needs Bank agenda costs focussed Pension proposals – last straw 7

Financial Services Union Standing Up For Pensions Bank proposals Close D.B. for future accrual Introduce 20% D.C. Scheme Salary option Retirement transfer option Invest 50m into fund 8

Financial Services Union Standing Up For Pensions FSU Response - Union not convinced Schemes in surplus Bank back in profit Pension offering not comparable to existing Benefit Examples misleading Much information/detail to be shared Any change must be negotiated and agreed 9

Financial Services Union Standing Up For Pensions Role of Trustees Pre-empted negotiations Acceptance in principle undermines negotiations Need to engage with Union and Professional Representatives Need commitment no decision until Industrial Relations process is finalised 10

Financial Services Union Standing Up For Pensions FSU – Action to-date Employed independent legal/actuaries Sought commitment from Bank full negotiations / listen to Union/Staff Sought engagement with Trustees Responded to members’ concerns Negotiation mandate needed 11

Financial Services Union Standing Up For Pensions Next Steps - Retain Existing Scheme Members communicate to manager Members communicate to Trustees Members give Union mandate Encourage all to join Union 12

Financial Services Union Standing Up For Pensions Stay up-to-date Twitter @fsuireland Facebook www.facebook.com/fsuireland www.fsunion.org 13

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