PPRuNe Forums - View Single Post - Scotia
Thread: Scotia
View Single Post
Old 17th Nov 2001, 00:26
  #158 (permalink)  
coalface
 
Join Date: Oct 2001
Location: North Sea and elsewhere
Posts: 121
Likes: 0
Received 0 Likes on 0 Posts
Post

THE CHOPPER shouldn't get angry - stay calm and do your best to ensure negotiations stay sensible. At Scotia, a formula has been found to allow a significant payrise but not hazard the pension fund. The proposal is that only 2.5% per annum of the pilots' latest pay rise deal or RPI whichever is higher (plus normal increment and promotion advances) will be pensionable under the FS scheme; the rest is pensionable under the Money Purchase scheme. On the face of it, this protects the scheme for ALL final salary scheme members. When Bond & Brintel merged, we all thought that the FS scheme would be very vulnerable. So far, every indication from UK management is that it will survive. Management have agreed to allow BALPA financial experts to look at the schemes to help ensure their longevity (sp?). Having said that, there are severe pressures from across the pond. BHL staff shouldn't allow their management to browbeat them into submission by using the threat of losing the FS pension scheme. There are ways around protecting the scheme and giving the deserved pay increases. This issue should help unite the workforce not divide it
coalface is offline