00:00Pension, dry it out, fix the pre-pension, be prouder to hold on.
00:08Former pension trade employees voicing their concern outside the Park Street office of
00:12Republic Bank on Friday. According to the Oilfield Workers Trade Union, a letter was
00:17sent on October 28, identifying a major deficit within the pension plan.
00:23We would have well ventilated the issue, which is a deficit in excess of $4.2 billion.
00:30And a plan that is set to expire before 2014.
00:34That would leave in excess of 9,000 workers on the breadline.
00:39Professor Jackman sent the letter asked for dialogue
00:42to find out how exactly the bank intends to deal with the deficit.
00:47To this date, we have received no response from Republic Bank.
00:51To this date, we haven't even received an acknowledgement from Republic Bank.
00:56And they are the people that are currently charged with managing $7 billion of our money.
01:06So we would have returned here today demanding answers.
01:10The OWTU is adamant that it will not give up the fight and congratulated those who turned
01:15out for the protest. In response to the union's concern, an official at Republic Bank,
01:21J.P. Clark, General Manager of Wealth, spoke with representatives
01:26and promised to provide feedback in one week's time.
01:30Aksha Galston, TV6 News.
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