Sharp drop in BoI pension fund deficit

Bank of Ireland’s pension fund deficit has plummeted from €1.2 billion to less than €590 million since the bank instigated plans to close its defined benefit scheme to new staff, new figures show.

2nd June, 2007

Bank of Ireland’s pension fund deficit has plummeted from €1.2 billion to less than €590 million since the bank instigated plans to close its defined benefit scheme to new staff, new figures show.

The bank, which reported record full-year profits of €1.9 billion last week, said its pension fund shortfall stood at €587 million at the end of March, as the gap between the fund’s assets and its projected liabilities continued to close....

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