Wednesday, 14 March 2018

BT closes in on deal to shut final salary pension.

BT is closing in on a deal with union leaders to shut its final salary pension and transfer workers to a defined contribution scheme, as it attempts to tackle its ballooning funding deficit.

Officials at the Communications Workers Union (CWU), which represents rank and file BT workers, were today in discussions with local branches over a proposed settlement that would provide more protection for members but still allows the company to stop its defined benefit scheme accruing new and harder-to-predict liabilities.

The talks were described as “tense” and there is no certainty of an agreement. The CWU has previously said the BT final salary scheme must not close.

By Christopher Williams.

Full story at Yahoo News.

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