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GEC Ignore Staff On Pensions
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Date: 18th Mar 2010
Today the Bank will announce that it intends to impose the changes to the pension schemes which it proposed last December. The Bank has said that from 1st April 2010 it intends to limit pensionable pay increases to 2%, or RPI if lower, for those staff in the defined benefit or ‘final salary’ schemes. For the vast majority of staff the impact of this imposition will not be felt immediately and there will be no requirement to sign new contracts at this stage. However, members of staff promoted after 1st April 2010 will be offered salary increases on the strict understanding that anything over 2%, or RPI if lower, will be non-pensionable.
The consultation process between the Bank and staff has been a cynical sham from start to finish. The GEC never had any intentions of listening to the views of their staff or changing its position regardless of the level of feedback. So arrogant are they that having asked staff for their views on the pension changes through the 'Have Your Say' button on the intranet the Bank has concealed the results of its own feedback.
The impact of the Bank's opportunism on pensions for you and your families will range from bad to devastating. The Bank’s own benefit projections show that:
• A member of staff earning £20k per annum with 25 years left to retirement will see his/her pension benefits reduced by £5k per annum. If that person lives until 80 he or she will lose at least £100k.
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