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04-Jul-08 12:15 [Pensions]
BAA agrees pension deal Workers at the British Airport Authority have voted in favour of accepting a new pensions package.
The deal was secured by the UK's largest union Unite and the employer, and will see the final salary pension scheme protected for 12 years for existing members, according to an Employee Benefits report.
New members will be able to enter into a defined contribution (DC) scheme, however the final salary offer will be closed.
"The closure of the final salary scheme to new employees is a bitter pill to swallow and a move that we fought hard to prevent," Steve Turner, Unite's national secretary for aviation, told the publication.
He added that the changes do provide the best basis for future pension security as well as offering a "decent" alternative.
Earlier in the week, Employee Benefits reported that the John Lewis partnership was improving its employee benefits and pension plan by enhancing its final salary pension scheme and introducing a DC plan for new joiners.
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