The Pension Forums we have been running in conjunction with Nationwide are now complete and negotiations regarding changes to the Nationwide Pension Fund are underway again.
As a consultation exercise this has been invaluable, both in terms of hearing members views about the proposed changes but also in helping a lot of people gain a better understanding of how their pension works. I'd like to thank all NGSU members who attend the Forums and have submitted feedback on via our website. We have enjoyed meeting up with many members and having the opportunity to hear your views at first hand.
As we reported in December's Union Mail (see link below) the overwhelming response has been one of relief that the likely outcome of the review is the retention of a defined benefit pension scheme but that members are looking for some improvements in respect of retirement age; the rate of future index linking; phasing for contribution rates and some flexibility to enhance individual terms by adjusting employee contributions. We are having a constructive dialogue with Nationwide regarding these issues and discussions will continue at a meeting of the Employee Involvement Committee (EIC) later this week. I'll update members will any progress as soon as I can.
In the meantime, I'd like to take this opportunity to extend my best wishes for a Happy Christmas and New Year.