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Larry Broderick, General Secretary Mandy La Combre, Senior Industrial Relations Officer

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. Danske Bank Members Meeting @fsuireland www.facebook.com/fsuireland www.fsunion.org. Background

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Larry Broderick, General Secretary Mandy La Combre, Senior Industrial Relations Officer

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  1. FSU Members’ Meeting – Danske BankWednesday 14 June, 20177.30pm, Wellington Park Hotel, Belfast Larry Broderick, General Secretary Mandy La Combre, Senior Industrial Relations Officer

  2. Danske Bank Members Meeting @fsuireland www.facebook.com/fsuireland www.fsunion.org

  3. Background • Pension is biggest staff asset • FSU engaged in the past in establishing Pension Scheme and amending it in 2008 • Staff since 2008 made enormous sacrifices which has contributed to the Bank’s profitability in Northern Ireland • Present proposals major implications for staff 3

  4. 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

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

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

  7. 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

  8. Bank proposals • Close D.B. for future accrual • Introduce 20% D.C. Scheme • Salary option • Retirement transfer option • Invest £50m into fund 8

  9. 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

  10. 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

  11. 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

  12. Next Steps - Retain Existing Scheme • Members communicate to manager • Members communicate to Trustees • Members give Union mandate • Encourage all to join Union 12

  13. Stay up-to-date • Twitter @fsuireland • Facebook www.facebook.com/fsuireland • www.fsunion.org 13

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