TGWU welcomes final salary pension move by building company

Transport and General Workers’ Union is welcoming a move by one of the
country’s leading manufacturers of aircrete building products to include its
entire staff in a final salary pension scheme.

Celcon took the decision after a review and talks with the union.

Celcon’s finance director, John Stewart, said the final salary scheme was being
extended to all workers when previously factory workers had only been given
access to a money-purchase scheme.

said: "We strongly believe our business succeeds by the efforts of all our
staff, no matter what part they play. The money-purchase scheme was set up in
the mid-90s when the stock market was riding high. Since then conditions have
changed and the money-purchase has not performed as well as expected."

Blackman, the T&G national secretary for construction, welcomed the move:

T&G is delighted that H+H Celcon has bucked the trend and opened up its
final salary scheme to all staff. It will be welcomed, I am sure, by our
members who can now look forward to greater security in their retirement.

makes this particularly pleasing is that the construction industry is not
usually know for being at the forefront of positive thinking in terms of
employee benefits. I hope Celcon’s move starts a new trend."

Celcon has 400 employees all of whom are now eligible to join the final salary
scheme. Take-up has been very high with not only most of those who were in the
money purchase scheme transferring over, but a number of employees who were not
in the company scheme now joining.

By Quentin Reade

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