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Balfour Beatty Defined Benefit Pension Scheme

4 June 2013

TSSA had a further consultation meeting with Balfour Beatty to discuss their proposal to close the above pension scheme to current members of the fund.

 

The TSSA opposed the closure of this scheme but Balfour Beatty were adamant that the proposal would have to continue.

They did however look at the following suggestions put forward by the trade unions and agreed the following:

· Agreed to extend the consultation period with members to 10th May 2013.

· Agreed to provide a helpline to members.

· Balfour Beatty will ask the trustees to agree to a rule change, such that for a period, any employee whose early retirement factors have been worsened as a result of this proposal will retain their previous early retirement factors.

· Agreed to increase of death benefit to 4.5 reference salary for current Defined Benefit members affected by this proposal who join the Defined Contribution scheme up until 31st October 2013.

· Balfour Beatty will up their contribution to the DC scheme to compensate for the increase of NI contribution as result of this change.

Balfour Beatty will write to you to ask you to vary your contract, because in some contracts the Balfour Beatty DB scheme is a contractual right, those who do will have the contract of employment amended.

Those who do not sign the contract will receive a letter of notice stating their dismissal on the 31st August 2013. It is our view that Balfour Beatty could justify this action if legally challenged.

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