Staff at UTV have discussed the possibility of strike action over the state of their pension fund, which fell into deficit by £700,000 sterling (€1,066,740) while their employer took a contribution holiday.

About 90 UTV employees attended a union meeting yesterday, at which they developed a strategy designed to address current staff disquiet.

As a first step, the employees have agreed to press UTV to reinvest the £3.6 million it saved over the recently ended contribution holiday.

The company will also be encouraged to recognise BECTU and the NUJ, the two unions represented among UTV staff.

Strike action has been reserved as an eventual option.

"Staff are very angry and will do whatever is necessary to resolve the issue," said Mr Gerry Morrissey, assistant general secretary of BECTU, who officiated at the meeting.

Mr Morrissey said the union gathering, which was held off UTV premises, was "exceptionally well-attended".

BECTU and the NUJ have resolved to address the issue on a joint platform. Mr Morrissey said they were anxious to deal with UTV management directly but would be unable to do so until the issue of union recognition was resolved.

In the meantime, both unions will advise a committee of UTV staff on the best way to approach management at a meeting due to take place next Monday.

The unions will also be looking for a meeting of pension fund trustees to be held very shortly.

Mr Morrissey said staff expressed particular annoyance over a perceived disparity between executive pension arrangements and those of other employees.

BECTU and the NUJ expect to begin a formal legal recognition process today.

Mr Morrissey is hopeful of achieving recognition within eight weeks.

UTV declined to comment on the situation yesterday.