Just to make things clear:
1. The offer covers the period Jan 09 to Dec 10. The RPI figures used will be Aug 08 (4.8%) and Aug 09 (forecast between -3.0% to -3.5%).
2. The blended RPI is forecast to be between 1.3% and 1.8% (our underpin is 2%) As it stands the offer will give us at least an RPI deal over 2 years if the Aug 09 RPI is more negative than -1.8%. There are
NO forecasts predicting it to be 'better' than this.
3. Whatever the rise turns out to be between 2% to 3% is backdated to Jan 09. It is a pay rise for 2009 but taking into account the RPI figure for Aug 09. This means that as the RPI in Aug 08 was 4.8%, then ALL of the rise offered will be pensionable and within the Pension Agreement.
4. As all of the pay rise is related to Jan 09 and not the period Jan 2010 to Dec 2010, then the Pension Agreement has no effect in 2010 and pay and pensionable pay remains the same for all of 2010.
As I've said before, it is up to everyone to decide for themselves how they will vote but it is important that they do vote and that they understand the offer and not rely on others mistaken interpretations of what they think it means. If anyone is unsure, please speak with one of the team or the reps who were involved in the negotiations. (oh, and vote YES, or no
)
Hope this makes it a bit clearer