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Invensysrail: Pensions Update

17 May 2013

Update on Pensions situation.

 

Update

Following our last circular to members Siemens clarified that it wouldn’t be making any further improvements to the contribution rates on offer to either Defined Contribution (DC) or Defined Benefit (DB) members. They have at least taken serious our requests to allow you more time to make a decision on what contribution rates that you wish to make and you will be allowed one further opportunity to change your contribution rates between June and November for those previously part of a DB scheme you will still receive the preferential rates as outlined in our last circular.

This is clearly a blow to those previously part of a DB Pension scheme but on seeking feedback from your representatives they have established that in general there is not a desire to fight Siemens since they increased what was on offer. Despite the company playing down the Trade Union involvement it is clear that increasing the pressure on the company and registering that we were in dispute has once again brought improvements to what they were initially prepared to offer.

What next

Unless there is a ground swell of support to take this issue further we will have to reluctantly accept the changes that have been brought about by Siemens.

It is clear that this is the first of many changes that Siemens plan to make with proposals to look at changing your terms and conditions, your pay date, and how you are represented in the new rail automation section to name but a few.

For us to be in the best position to help protect what you have today we need to grow our strength, therefore your colleagues need to be persuaded to join a trade union, they can do so at www.tssa.org.uk/join

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