1. FSU Members’ Meeting – Danske Bank Wednesday 14 June, 2017 7
FSU Members’ Meeting – Danske Bank Wednesday 14 June, pm, Wellington Park Hotel, Belfast
Larry Broderick, General Secretary
Mandy La Combre, Senior Industrial Relations Officer

2. Danske Bank Members Meeting
@fsuireland

3. Pension is biggest staff asset
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. June 2007 Bank announces review of Pension Scheme
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. Pension key for longer serving staff
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. Close D.B. for future accrual Introduce 20% D.C. Scheme Salary option
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. Pre-empted negotiations
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. Employed independent legal/actuaries
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. Facebook www.facebook.com/fsuireland www.fsunion.org
Stay up-to-date
Facebook 13

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