I refer to the article ‘Bank workers lose pension fight’ (May 21). The first sentence refers to “a pension fund liquidated in 1987”.
Questions: Was this after May 1987 when the Nationalists took over? Is not a scheme non-contributory if employees do not and are not expected to contribute?
Since the non-contributory scheme existed does not one deduce that the 20 per cent salary equivalence mentioned in the article was to be borne by the bank? Is it not sheer nonsense to expect a worker to fork out 20 per cent of his/her salary on top of one twelfth of salary as national insurance contribution? Were the workers expected to live on bread and water? (Certainly not! The scheme was non contributory.)
How much was in the fund when it was liquidated? What became of the fund capital?