The Irish Bank Officials Association (IBOA) said yesterday that it has not ruled out industrial action at Bank of Ireland over an ongoing pension dispute.

The IBOA, which is the main union at Bank of Ireland, met with the chairman of the Labour Court Kevin Duffy yesterday to discuss the bank's introduction of a reduced pension for new employees.

Following the meeting yesterday, IBOA general secretary Larry Broderick said that the union had highlighted the "total disregard the bank has displayed, by breaching existing industrial relations procedures through their ham-fisted attempt to force through such a draconian measure."

Bank of Ireland has closed its defined-benefit pension scheme to new staff, who instead are offered membership in a less favourable "hybrid" scheme.

Yesterday's Labour Court hearing offered an opportunity to address the issue in a "meaningful and responsible manner", Mr Broderick said.

However, he warned that unless the bank responds positively, the IBOA will have no choice but to launch a "major campaign" to ensure its members' pensions and livelihoods are protected.

The union indicated that such a campaign could involve measures up to and including industrial action. "Nothing is ruled out," an IBOA spokesman said.

It is expected that the Labour Court will issue its recommendations on the dispute within the next few weeks.