And on FEB15th.......
15 February 2008 14:15
Network Rail announced its new defined benefit scheme for its 34,000 employees, based on the average of an employee's earnings.
The Career Average Revalued Earnings (CARE) scheme will see 60% of the cost met by the employer and 40% by employees.
Iain Coucher, chief executive of Network Rail, said: "Our new CARE scheme will give everyone another option when making retirement planning decisions, an option that is a good balance between cost to the individual and the benefits it pays out."
However, Bob Crow, the general secretary of the Rail Maritime and Transport Union (RMT), said: "This isn't about widening choice, it's about undermining the existing final-salary scheme and a cynical attempt to undermine the Railway Pensions Commission before anyone has had a chance to discuss its findings.
"I am in no doubt that if the company persists in imposing a worse pension scheme there will be a national rail strike."