Bank of Ireland has defended the changes it is making to its pension scheme.
At its annual general meeting, a number of shareholders raised questions about the bank's move to close its existing retirement scheme to new staff members.
But the bank's Chairman, Richard Burrows, said the new scheme was fair to people who come to work for the bank.
Mr Burrows said the bank had a pension liability of €800m. The existing scheme meant the bank had an open liability.
As a result it has closed its existing fund to staff members who join the bank in future.
It is being replaced by a hybrid scheme which will reduce the risk to the company.
