Bank of Ireland pension proposals

Bank of Ireland says that it has come up with proposals to reduce the deficit on its defined benefits pension schemes. The bank says that the proposals have the support of its trade unions. Changes relating to future pension increases and how future salary increases qualify for pension will halve the deficit, according to the Bank of Ireland. The deficit was €1.6bn at the end of 2009. The bank and its subsidiaries will increase their cash contributions in order to eliminate the rest of the deficit. Management argues that the proposals would be income positive for the group if they are agreed.