Tuesday, January 14, 2014

Ryanair Robbing Pensioners (and pension peril of zero hour contracts)

According to the FT controversial airline Ryanair is closing its Pension fund for staff in Ireland and transferring their accrued defined benefit pension scheme benefits to a defined contribution scheme - in which future benefits will depend on investment performance???

Not only are they doing this to active (current) members but also to former staff who have left their pension with the scheme.

Does this mean that staff who were promised a guaranteed pension will now have to face the uncertainties of the investment market? Why did the trustees agree to this?

Yet I understand that many of the new Ryanair staff can't even join the DC scheme as they are 'self employed' on zero hour type contracts!

So it seems that all staff in Ryanair former, past and future will be stuffed.

Except I believe its senior management.

No surprise there!

Hat tip Pension Biggles

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