BMW Pension change agreed

therailway · Post by **therailway** » 10 Jul 2017, 20:57

This is more like it:

http://www.bbc.co.uk/news/business-40554433" onclick="window.open(this.href);return false;

Post by **nataddick** » 11 Jul 2017, 08:28

This deal just highlights how derisory RM's offer of £750 really is when compared to BMW's £25,000. Unite members stood firm and got a result. We need to do the same !

Phantom · Post by **Phantom** » 11 Jul 2017, 10:06

Dig your heels in and fight for what's right and not what's right for shareholders.

citypostie · Post by **citypostie** » 11 Jul 2017, 19:17

Is that £25000 payable now for accepting the changes or put into their pension pot?

Post by **nataddick** » 12 Jul 2017, 08:08

'Unite shop stewards did not make a recommendation on the deal, which also includes greater flexibility on the timings of transitional payments totaling £22,000 over three years. Alternatively, members can opt for a transitional payment of £25,000 spread over three years to be paid into their new defined contribution scheme.'

This extract taken from Unite's website - the link to the full article is below:-

http://www.unitetheunion.org/news/mini- ... ons-offer/" onclick="window.open(this.href);return false;

Post by **RobertT** » 12 Jul 2017, 15:49

BMW workers have managed to get their compensation payment increased from £7,000 to either £22,000 or £25,000, which represents an excellent result. Assuming all their UK workforce of 5,000 are affected and take the £25k, then that’s a total of £125 million.

RM’s offer is just £750 to the 93,000 active RMPP members, which represents an outlay of around £70 million. If they were to pay us £25k it would knock them back £2.3 billion!

The £750 is derisory and we deserve more, but we also need to be realistic. So before anyone gets too excited, we aint gonna get anywhere near £25k!

Post by **nataddick** » 13 Jul 2017, 08:27

RM's DB scheme membership is roughly 19 times the size of BMW's and so, yes it would cost the company a lot more in short term 'transitional payments' but then the year on year savings achieved as a result of the DB closure will be far more significant. Up to £25K may be unrealistic but at least Unite are also involved in the current pension negotiations albeit they are representing managers interests !!