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Pensions

25 October 2010

TSSA will be meeting with the other Bombardier Transportation UK Ltd (BTUK) trade unions shortly to discuss a joint response to proposals by BTUK to the pension scheme trustees to change the BTUK Pension Plan and the BTUK 2003 Pension Scheme.

A meeting of TSSA reps from all BTUK sites where TSSA has members will also be arranged shortly.

TSSA National Organiser Steve Coe said “I am very concerned at BTUK’s proposals. The company clearly anticipates the existing pension schemes becoming unaffordable for many of its staff. A reduction in active members coupled with BTUK’s proposal to close the schemes to new entrants will merely exacerbate the funding difficulties of the pension scheme.”

The Proposals

fined benefit (final salary) pension scheme will continue to be offered to current active members of the BTUK pension arrangements. However, BTUK proposes:

- close the BTUK 2003 Pension Scheme to new entrants from 31 January 2011;
- at the level of employee contributions will increase by 2.5% of pensionable pay from 1 March 2011;
- restrict pension increases for members of the old section of the BTUK Pension Plan from 1 March 2011;
- offer new entrants (and also members of the existing pension scheme) a much inferior stakeholder defined contribution scheme.

Consultation

formal consultation period will end on 10 December 2010.

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