PPRuNe Forums - View Single Post - NATS Pensions (Split from Pay 2009 thread)
Old 28th Sep 2008, 21:21
  #358 (permalink)  
jonny B good
 
Join Date: Nov 2005
Location: UK
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Missing the point

National Rail do have a defined benefit scheme open to all

HOWEVER

You can only join it after 5 years of service (reducing the benefits) and its cost is shared 60% by the employer and 40% by the employee. As it becomes more expensive, the employee contribution rate will rise, already being at 11% now.
Add to this that it is not a final salary scheme but an average salary scheme.
Add to this that it doesn't pay out even 2/3rds of average salary but somewhere between 33% and 60% after 40yrs service, depending on salary.
They also have a Defined Contribution scheme which every new member of staff must join for at least 5yrs.

Welcome to the railway pensions website

The point is that even in the renationalised world, there are no securities or guarantees and our scheme is head and shoulders above the Network Rail Pension (in benefits and in cost).

Before people make decisions, however emotive the subject, do the research, even if you don't attend any briefings, and make an informed decision. At the end of the day, the members and not the 'leadership' of the union will decide. No matter what the result of the ballot, YES or NO, I would hope everyone is able to make an informed decision on such an important subject.

As for the union stepping down, the union is the members. If they are unhappy with the way the union is doing business, then elect different 'leaders'. There are many people complaining but it seems very few willing to step up to the mark and do a better job. If you think you can, it looks like you'll have the support of a lot of people on here.
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