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Latest NewsPay & benefitsPensions

UK bank staff agree pension changes with Australian employer

by Michael Millar 21 Mar 2006
by Michael Millar 21 Mar 2006

UK staff at National Australia Bank (NAB) have agreed to changes to their pensions schemes to try to close the £160m hole in the pension fund.


NAB said that from 1 April, the defined benefit schemes would move to a ‘career average’ structure, where staff earn “blocks” of pension every year. This will affect staff working at Clydesdale and Yorkshire banks.


“Rather than receiving a pension based solely on a final salary at retirement, the proposed structure builds pension benefits year-on-year based on a member’s annual salary,” a spokesman said.


The bank will make a one-off payment of £100m into its pension funds as part of the deal.


NAB put the issue of whether to move to a career average pension scheme to a vote of its 9,000 employees in the UK in January.


At the time, the bank admitted that such a move would reduce the entitlements of some staff but said it would make the schemes more secure.

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Michael Millar

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