250kts I have been to a briefing and asked the questions thankyou, and the answers were not satisfactory at all. No matter how you dress it up a cap on pensionable pay is a potential reduction in my pension. I am not prepared to accept that. I've seen too many times the way things have been agreed in this way and the theoretical slim possibility becomes a target for management to aim for.
We are already hearing stories of the company aiming for a pay freeze this year. Are just going to roll over and accept that one too? And what about next year? If there is a pay freeze, or even decline at any point over the next 15 years we will never recover that loss because of the RPI+0.5% cap.
I'm not saying that I expect year on year pay rises of more than RPI+0.5% every year. But you all need to think very carefully about the above scenario, as we WILL lose out badly in these circumstances.
Also, is RPI the only relevant factor affecting pay rises over the next 15 years? What if pay in other comparable professions was to rise by significantly more than RPI during this time? Would you be happy to see our relative worth be reduced compared with these other professions? I sincerely hope not. But if we were to maintain our relative position it would still not be fully reflected in our pensions.
NO, NO, NO, NO, NO.