Private Eye 2nd November

[terrain safe]

I would suggest that all staff in Nats beg, borrow or steal a copy of Private Eye dated 2nd November and open to page 28. There is an interesting article entitled 'Railtrack of the skies'. Among the interesting points raised are that apparently the sale of NATS is subject to an inquiry from the NationalAudit Office, but that they won't report back until next summer.

Another point was that apparently TAG has taken a pension holiday! Now can anyone tell me what this means?

Any read it for yourself.

[Hand Solo]

Might be able to help you with the 'pension holiday. If its the way BA do it, then when the actuaries decide there's enough cash in the fund to cover the pension requirements, TAG will stop paying contributions into the fund, although you will be required to carry on paying. When the actuaries decide that the fund is now in surplus, TAG will claim that that surplus belongs to them, even though you've been funding that surplus for the last x years. They'll then try to reclaim that money and use it for their own ends, probably directors bonuses.

[BEXIL160]

The Bit about the NAO investigation is TRUE. Here is the link to their web site (the one that NATS apparently knew nothing about):
http://www.nao.gov.uk/publications/workinprogress/nats.htm

The pensions holiday mentioned in the article raises serious concerns. If true, I do not recall this being communicated downward to the staff (whose pension scheme it is).

More info anyone?

BEX

[NextLeftAndCallGround]

BEX,

I might be wrong but after the Maxwell debacle I thought the rules about pension funds were changed to ensure that at least one employee is included in the fund management (trustees I think they are usually known as).

If this is the case, I presume that somewhere in NATS you have a representative who can tell you all......

[Trinity 09L]

I think you should also take notice of what happened to the pension fund of the former Bus company employees. There fund was allegedly plundered, and employees also had to get the Pension regulator/ombudsman on their side as well.