Around 500 workers at Bank of Ireland will picket the company's head office in Dublin tomorrow after last minute talks aimed at averting strike action at the Labour Relations Commission ended without resolution.
The dispute centres around the union objection's to a decision taken by the bank to impose a new two-tier structure to its pension arrangements.
Amicus, the union representing the workers, said this afternoon its members will mount official pickets at the bank's head office in Baggot Street and at New Ireland Head office in Dawson Street from 8.30am.
"This action was notified to the bank two weeks ago and while we remain willing to talk to this eleventh hour we are disappointed that nothing new was brought to today's discussions at the Labour Relations Commission," said Amicus Regional Officer Colm Quinlan.
"Our members will not allow the Bank to ride rough-shod over their long-term pensions security," Mr Quinlan said.
"We have negotiated successfully with EBS building society and are in discussions with others in the financial sector but the Bank of Ireland has torn up the negotiation process by introducing new arrangements in conflict with previous recommendations from the Labour Relations Commission," he added.
Over 90 per cent of the 500-plus Amicus members at the bank voted a fortnight ago for industrial action.
"We believe the bank's actions are unacceptable and if they won't heed the words of An Taoiseach on the importance of pensions then we have no option but to defend our rights in industrial action," Mr Quinlan.
Bank of Ireland insisted it is strongly committed to giving staff market leading pensions and management said they were dismayed at plans for a strike.
"This action by Amicus is all the more regrettable as the bank believes it is possible to make progress on the particular issues raised by the union," a spokesman for the bank said.
"This dispute can be resolved by dialogue not by industrial action and we again appeal to Amicus to engage in constructive discussions in the interests of the employees they represent."
"For 16,000 Bank of Ireland employees there is no change to their pension arrangements," the bank added. The spokeswoman claimed new employees since October 1st are benefiting from an attractive scheme better than what its competitors offer.
"The new Bank of Ireland scheme is progressive and has the potential to realise the same benefits for employees on retirement as the current scheme," she added. Bank of Ireland also insisted it was not a cost saving issue.
The main union representing bank officials, the IBOA, has deferred a ballot on industrial action. A further one-day stoppage is scheduled for November 22nd.