Long serving employees of Anglo Irish Bank say they will face reduced pensions because of alleged discriminatory retirement rules that have been introduced by the Revenue Commissioners.
The rules compel employees to buy low-yielding pension annuities at retirement if they belonged to defined benefit schemes that have been wound up, directly affecting their income in retirement.
The Anglo Irish scheme gave a non-contributory pension to staff who were on the bank payroll before 1994. It was wound up following the government’s decision in 2013 to liquidate Irish Bank Resolution Corporation (IBRC), the state body that took over the rump of Anglo Irish Bank.
According to representations made on behalf of a former Anglo Irish employee, civil servants working for then tanaiste Joan Burton signalled that the rule might be relaxed in the budget last October to give members of wound-up schemes the same freedom as other pension savers.paywall