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Dublin: 11 °C Sunday 19 May, 2013

Guineys and Clerys staff to protest over pension scheme

They will also hand in a letter to Gordon Brothers Europe on their frustration over the demise of the scheme and loss of their jobs.

Image: Sam Boal/Photocall Ireland

STAFF FROM GUINEYS and Clerys are to hold a protest tomorrow outside Clerys on Dublin’s O’Connell St over their frustration about the demise of their pension scheme and the loss of their jobs.

The 29 staff will also hand in a protest letter to Malcolm MacAulay, chief operating officer of Gordon Brothers Europe at Clerys O’Connell St, on the issue.

The protest will begin at 10am tomorrow outside the department store.

The Guineys and Clerys workers, who are members of Mandate and Siptu Trade Unions, have expressed frustration at their treatment by the Gordon Brothers after years of loyal service, said a spokesperson.

Guineys & Co was closed in September after its sister store Clerys was placed in receivership. Although a private equity firm bought Clerys a few hours later, Guineys & Co was not included in the deal and was placed into liquidation.

The 10 people who worked in Guineys and a further 19 people who worked at Clerys outlets in Naas, Blanchardstown and Leopardstown were all told that they will be left with statutory redundancy payments.

Some of the employees have worked for the company for 30 years on average.

Read: Guineys workers told: 30 years service? Sorry, no pensions>

Read: It had everything from ‘a needle to an anchor’: Shoppers remember Guiney and Co>

Read: Clerys taken over, saving 350 jobs – but Guineys is to close>

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Comments (14 Comments)

  • Shocking how no law in this Country protects peoples pensions. The system is red rotten & corrupt to the backbone. And we as a nation, have much to answer to, for allowing it to happen in the first place.

    Reply
  • were these employees paying into a company pension scheme for their wages. ? if so, that money must be with some investment company and available for the employees when the hit 65. if they were not paying into any pension, then what were they expecting at retirement age.?? unless it was some kind of defined benefit scheme supplied and payed for by the company.

    anyone know. ??

    Reply
    • My sister in law paid into pension scheme for thirty years while she worked for Roches stores/debenhans ,when made redundant she was told it was devalued to very little due to bad investment.??
      I thought this was very unusual.
      she actually paid 30% extra into the fund as insurance to no avail..can anyone shine any light on this.

      Reply
    • A family member of mine worked for Riches stores/Debenhans paid into a pension scheme for 30 years even paying 30% extra as insurance
      was told it was totally devalued due to bad investment…Something not right Here…….

      Reply
    • A family member of mine worked for Roches stores/Debenhans paid into a pension scheme for 30 years even paying 30% extra as insurance
      was told it was totally devalued due to bad investment…Something not right Here…….

      Reply
    • Thomas, not once in 30 years did your family member bother to check the performance of their pension? Pensions are an investment, and the money in them is invested. As with all investments, they can go up or down. This would have all been explained, or at least documented to them.

      Reply
  • they all have worked hard, saved hard for those Pensions, they should fight the whole way for whats rightfully theres !….

    Reply
  • Yep. Bring the administrators of the fund in to see the invsestments made. You may find that they are ok but the unforeseen collapse of the Financial Markets brought about the shortfall. A dreadful thing to happen.Just highlights the risk. A pension fund is not always secure. Unless you work in the Public Service.

    Reply
  • It seems to me that if you happened to be, for example, a bank robber in this country and entered the premises, once on the way out with a full swag bag,you also took the employees pensions and all the customers saving – you would get away with it. What a country we live in.

    Reply
  • The staff would have had representatives meant to be giving yearly reports. This should have been known and not a shock.
    Not sure how this is the company’s fault.

    Reply
  • The attitude towards investment management in Ireland is a huge problem, Trustees of Pension Schemes give our financial institutions great freedom to invest these funds. The long and the short of it is that the Irish Investment managers went property mad and who knows what equities were buried in these unit funds they were hawking. Yes pensions took a hit during the financial crisis but with markets rebounding you have to wonder how much of Irish Pensions money was sunk into what are worthless assets now. The harsh reality anyway is that in order to run a DB scheme, Employees should be paying more than 5% to 10% as too much burden is placed on Investments to make up the balance for future liabilities.

    Reply

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