1. Pension entitlement cut to a career average rather than a final salary.
2. Employee contributions increased by nearly twenty percent.
3. Change in accrual rate to 1/55ths rather than 1/50ths.
4. Uplift of pension in payment changed to 2.5% with no RPI linkage.
The bottom line is the obscene rush to accomplish this by July. Evans talks of listening to the views of the employee groups before reaching his decision - clearly it is a done deal, and the speed with which the letter is to be followed by "forums" is ridiculous, the letter was dated 13th June, and the first forum was 15th June, then 16th on the IOM. The b@stard 'urges' us to attend the forums, and then says " it would be our intention, once we have completed the communication process with you and your fellow scheme members, to introduce the changes in July 2006 as we are obliged to address the BRAL scheme funding requirement identified in the 2005 valuation".
Well, if they were "obliged" why wait so bloody long since 2005, and why is July so important. I suggest that it is because they want to steamroller it through before enough opposition can be mounted. The only reason many senior guys have stayed with this one horse outfit is the pension scheme - watch the exodus if Evans gets his way. I restate the question - what is happening to HIS pension scheme, the fat two faced b@stard!!!!
Come on BALPA for chrissake there must be something we can do. I am disappointed though not too surprised by the attitude of the BACON BARPER equivalents, and I don't necessarily blame them. However, is it industrially necessary to have their support? Even the fifty per cent or so of final salary scheme members could bring this company to its knees in very short order and force it to at the very least come up with a fairer deal - this deficit didn't happen overnight. Furthermore, having asset stripped our Company, they are morally and ethically bound to put a little back in, and a 'little' is what it would be compared to the value of the slots they have taken, and the dubious accounting practices used to turn us from profit to loss. BACC - any chance of some linkage?