Final-salary pensions reprieve wins approval from RMT

RMT
union members at Network Rail have voted to accept a revised pay and conditions
offer that includes the re-opening of the company’s final-salary pension scheme
to new members.

In
a postal referendum with a 70 per cent turnout, members voted by nine to one to
accept the offer, which also includes a 3.5 per cent increase on pay rates this
year and a 35-hour week for all by 2006.

Under
the deal, the Network Rail final-salary pension scheme will open again and can
be joined by anyone with five years’ qualifying service in the industry,
including relevant service outside Network Rail.

New
employees without the qualifying service can join a money-purchase scheme and
can transfer into the final-salary scheme once they have completed five years.

"RMT
will continue to give backing to members whose workplace pensions come under
attack and will support those who need to take strike action to defend their
hard-won pension rights," said RMT general secretary Bob Crow.

By Michael Millar

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