Radarspod
Quite a number of my colleagues here were also persuaded. I agree with the basic principle that "something" has to be done. The case was made very persuasively too.... but I just don't feel that this is the "only option" as they would attempt to make us all believe.
If we agree that the primary issue that needed addressing is the underlying rate increasing to an unsustainable level: Why close the scheme to new entrants? This does not have any positive impact on the underlying rate.
Personally, I would probably accept the RPI+0.5% cap - as I see it unlikely we'll get anything above that anyway. The cap also was shown by the actuary to have a significant impact on the underlying rate - reducing it to manageable levels on its own (20-25%) over a period of time.
The desire to close the scheme to new entrants has been there for a long time - long before there were any issues to be addressed. This is simply opportunism to do it now. I see no reason why NATS should not be expected to continue allowing employees to join its excellent scheme, if measures have been introduced to ensure the underlying cost is reduced to a manageable level.
I feel people are being fooled into accepting unneccessary changes, just so the necessary ones can be done. That is why I will vote no...