BAA staff to accept pension changes
05.07.08
British Airport Authority (BAA) workers have voted to accept a new pensions package agreed between the union Unite (formerly the Transport & General Workers Union) and their employer. 70 percent of Unite members at the airports operator voted in favour of the deal.
The agreement means that the organisation's final salary pension scheme will be protected for 12 years for existing members. It will be closed to new members but a new defined contribution (DC) scheme will be introduced for new employees. This scheme will have a default option of a 5% employee contribution and a 10% contribution from the employer. It will also include death-in-service benefits.
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