Make your voice heard – Springfields Pension Consultation

We are urging members to submit their views to the open pension consultation. The consultation closes on 15 February 2022.

We remain unconvinced by the arguments put forward by the company to justify the creation of the new scheme.

We believe that the existing arrangements are in the best interests of our members and the company has not persuaded us that these changes are required. We have been clear in our recent letter to the employer that we are opposed to the proposals, and do not want to see the pension arrangements decoupled from the NDA.

The fees incurred by this exercise, given the limited benefits are unconscionable considering the context of job losses and detrimental changes to terms and conditions.

We are deeply concerned about the proposed new scheme operating with a sole corporate trustee. This is a scheme with considerable challenges due to the funding level of the scheme and the future of the company. The new scheme will therefore require robust governance arrangements that can have the confidence of members.

The company has proposed the establishment of a pensions committee, with employer and member representatives. We have serious reservations following the non-establishment of a pension forum following firm commitments in the 2020 pay negotiations. This was an agreement that was balloted on and accepted by our members.

We want a firm commitment for agreement on the terms of reference of the new consultative pension committee before the changes are implemented. We believe the terms of reference to the consultative committee, and the selection of member representatives should reflect the established bargaining units within the collective agreement. The terms of reference must guarantee that the committee will be consulted on important decisions such as the re-appointment and appointment of the defined benefit scheme sole corporate trustee.

Our template allows you to submit a summary of our response to Westinghouse UK. You can edit this response if you wish to do so.

Name *

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Subject

Dear John Hampton,
I am writing to respond to Westinghouse’s consultation on changes to the pension scheme.
I am opposed to the establishment of new pension arrangements, outside the NDA group structures. The consultation has not clearly outlined why these changes are necessary, and the benefit to members of the scheme.
I am concerned that the sole corporate trustee will not have the same independence from the company as the existing CNPP Trustee. The Defined Benefit scheme faces significant challenges to achieve full funding.
These challenges are best to be tackled by a board of professional, member-nominated, and employer-nominated trustees. Lastly, the new scheme will not have the same benefit of economies of scale as the existing CNPP scheme.
Following the non-establishment of a pension forum following the 2020 pay negotiations I am concerned the new pension committee that has been proposed will not have a meaningful ability to influence and challenge the company.
To be a success this new committee should:
<ul>
<li>Have trade union representatives from each bargaining unit</li>
<li>Regular meetings, with a clear date for the establishment of the committee and the first meeting</li>
<li>For the terms of reference to outline when and how the employer will engage with the committee. This must include important decisions such as appointing and re-appointing the sole corporate trustee.</li>
</ul>

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