Management and workers at Bank of Ireland are close to sealing a deal that will reduce the deficit in the bank's defined benefit pension scheme by €400m.
A recommendation by the Labour Relations Commission, has been accepted by the bank and is supported by the Irish Bank Officals Association.
The proposal would see to reductions in potential benefits for scheme members, mainly resulting from a change in how any future pay increases would qualify for the pension.
Bank of Ireland has agreed to increase its level of support for the scheme above existing contribution levels.
Larry Broderick, secretary general of the IBOA said the proposals went "a long way" towards addressing the concerns of the scheme's members.
"This recommendation from the LRC addresses many of the union's key concerns. If accepted, these proposals should secure the defined benefit pension scheme in Bank of Ireland into the future," he said.
Mr Broderick said the IBOA's Bank of Ireland executivecCommittee would meet today to consider the recommendation and arrange consultations with IBOA members in the bank. The proposals are expected to be voted on by IBOA members in November.
In a statment Bank of Ireland said its objective had been to secure the future of the pension scheme and reduce the €1 billion deficit.
