Financial union claims pension plan will cut pay by 10 per cent

first_imgUnifi, the financial sector union, claims a decision by the NationalAustralia Group (NAG) to terminate its present pension scheme for futurerecruits will effectively cut pay by 10 per cent. NAG, which employs 11,500 staff in the UK and Ireland and is the parentcompany of Yorkshire, Clydesdale and Northern banks, will replace its definedbenefit scheme with a defined contribution scheme for new staff who join fromJanuary next year. Unifi deputy general secretary, Sandy Boyle, called the new provisions”another nail in the pensions coffin of UK plc”. The union says staff joining the defined contribution scheme would have topay out 10 per cent of their annual salary to gain the same pension rights asmembers of the defined benefit scheme. A spokesman from NAG said the new defined contribution scheme was good valuefor employees, and put the financial services sector in line with the rest ofthe banking industry. Financial union claims pension plan will cut pay by 10 per centOn 7 Oct 2003 in Personnel Today Previous Article Next Article Related posts:No related photos. Comments are closed. last_img read more