eircom Pension Proposals Endorsed
(Friday, 16 April, 2010) eircom Group announced that the pension proposals agreed with the Trade Union Alliance and announced on 25th February 2010, have been endorsed by ballot of the four representative unions in eircom.
The ballot results in favour of the agreed pension proposals of 25th February 2010 are as follows:
Peter Cross, CFO of eircom Group, said "The ballot results mark a significant milestone for eircom. Following an extensive consultation process between the Company, the Trade Union Alliance and the Pension Trustees, we have agreed far-reaching proposals to remediate the Company?s DB pension position.
The package of measures we are introducing now will eliminate the current deficit, and is expected to contain the annual costs to the Company of providing pensions benefits at an affordable level. It will also significantly reduce the risk of future deficits emerging, and facilitate the Trustees in de-risking the Scheme?s assets over time, which will help support the long term sustainability of the Scheme for all current and future benefits."