Pensions blow for ex-Anglo Irish staff

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.