I think we all need to have some time to digest this announcement. Having spoken to a rep today it would appear that the pension is already in deficit and it is the actuaries who seem to be driving the timescales.
Apparently they would be insisting on a contribution rate of up to around 60% in the near future if no guarantees could be given on the present scheme. I don't think any size of organisation could even consider that as a sensible or achievable goal.
As always, it will no doubt, have been a very difficult negotiation. And remember that is just what it is. You don't always get exactly what you want when it comes to negotiations.
I will wait to see what the rationale is from the union before I decide the course of action I will take. Certainly resigning will not change things one iota at the moment nor at this time will talk of getting rid of leading union figures. After all there is hardly a queue of people volunteering to be even local reps never mind taking on higher office.
The next few weeks will be a time for every one of us to be prepared to learn a bit more about pensions generally before we take knee jerk action. It would appear that the guarantees are in place for the existing scheme members and that new scheme would be significantly better than NATS originally offered.
I think my main concerns at the moment are about:
1) Guarantees if NATS has new owners.
2) Guarantees that the old scheme can not be "out voted" in a few years.
3) Does this really provide the protection NATS are looking for risk wise or will they just come back for more later.
All very worrying but maybe a sign of the economic times we now live in.
I'll go and put my flak jacket on now.