{"id":5017,"date":"2015-07-29T16:34:25","date_gmt":"2015-07-29T15:34:25","guid":{"rendered":"http:\/\/unitelive.org\/?p=5017"},"modified":"2015-07-29T16:34:25","modified_gmt":"2015-07-29T15:34:25","slug":"put-pensions-plans-on-hold-call","status":"publish","type":"post","link":"https:\/\/unitelive.test.igniteamt.com\/?p=5017","title":{"rendered":"Put pensions plans on hold call"},"content":{"rendered":"
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Changes to the Nestl\u0102\u00a9 pension scheme that could mean that 7,600 workers losing thousands of pounds in retirement income should be put \u00e2\u20ac\u0098on hold\u00e2\u20ac\u2122 until a proper valuation of the scheme in December.<\/p>\n

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Unite and the GMB union are \u00e2\u20ac\u0098totally opposed\u00e2\u20ac\u2122 to Nestl\u0102\u00a9\u00e2\u20ac\u2122s plans to close the defined benefit scheme, currently offered on a career average basis, and replace it with a defined contribution or \u00e2\u20ac\u0098money purchase\u00e2\u20ac\u2122 scheme.<\/p>\n

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In a letter to the company, Unite national officer for the food and drink sector Julia Long and the GMB national officer for the manufacturing sector Stuart Fegan said that the unions were not engaging in the consultation process as it is \u00e2\u20ac\u0098a fait accompli on introducing these detrimental changes\u00e2\u20ac\u2122.<\/p>\n

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The two unions are calling for the consultation process to be suspended \u00e2\u20ac\u0098in favour of constructive negotiations\u00e2\u20ac\u2122.<\/p>\n

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\u00e2\u20ac\u015bWe are aware that an actuarial valuation of the scheme is due to take place in December 2015 which would, in our view, provide us a more informed position on the health of the scheme and be the logical point to discuss what actions may be required from all stakeholders to maintain the sustainability of it,\u00e2\u20ac\u0165 the letter read.<\/p>\n

 <\/p>\n

Precipitous manner <\/em><\/strong><\/p>\n

\u00e2\u20ac\u015bIn this sense, we believe Nestl\u0102\u00a9 is acting in a precipitous manner.\u00e2\u20ac\u0165<\/p>\n

 <\/p>\n

The unions argue that Nestl\u0102\u00a9 can well afford to maintain the present defined benefit pension scheme, as it is making increasing profits in the UK and in international markets, and can\u00e2\u20ac\u2122t blame the long period of low interest rates and low gilt returns for the proposed changes.<\/p>\n

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\u00e2\u20ac\u015bThe company has placed the sole part of its case on the current economic position rather than sufficiently evaluating what Nestl\u0102\u00a9 could lose by making these changes to the scheme in terms of retaining a skilled workforce within the business and the employee engagement that the defined benefit scheme contributes to Nestl\u0102\u00a9,\u00e2\u20ac\u0165 the letter added.<\/p>\n

 <\/p>\n

Earlier this month<\/a>, the unions accused the company of an \u00e2\u20ac\u0098act of betrayal\u00e2\u20ac\u2122 as the proposals backtrack on pension changes introduced five years ago which saw the final salary pension scheme scrapped for a career average scheme on the understanding that it would be an industry leading scheme. A \u00e2\u20ac\u0098money purchase\u00e2\u20ac\u2122 scheme was also introduced at the time.<\/p>\n

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If the current proposals go ahead the career average scheme will be closed to new entrants from 2016 and closed to future pension build up for existing members from the start of 2017.<\/p>\n

 <\/p>\n

Unions say that the changes will affect workers making Nestl\u0102\u00a9 products across the UK ranging from pet food and bottled water to confectionary and breakfast cereals.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Changes to the Nestl\u0102\u00a9 pension scheme that could mean that 7,600 workers losing thousands of pounds in retirement income should be put \u00e2\u20ac\u0098on hold\u00e2\u20ac\u2122 until a proper valuation of the scheme in December.   Unite and the GMB union are \u00e2\u20ac\u0098totally opposed\u00e2\u20ac\u2122 to Nestl\u0102\u00a9\u00e2\u20ac\u2122s plans to close the defined benefit scheme, currently offered on a […]<\/p>\n","protected":false},"author":1,"featured_media":4634,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[270],"wps_subtitle":"Unions call on Nestl\u0102\u00a9 to halt detrimental pension changes","_links":{"self":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/5017"}],"collection":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5017"}],"version-history":[{"count":1,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/5017\/revisions"}],"predecessor-version":[{"id":5018,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/5017\/revisions\/5018"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/media\/4634"}],"wp:attachment":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}