BAA strike

sproket

Browsing through the BBC website this morning when I came across this article.
http://news.bbc.co.uk/1/hi/business/7165490.stm
Made me smile. We need more bosses like this before the unions take over and drag this country back into the 1970's. Let the 'work-shy' rot and 'honest folk' work.

miamistu

Ah, good man

I see that BAA are back in talks today:

http://news.bbc.co.uk/1/hi/business/7165196.stm

Fingers crossed!

HNY

Arandorastar wrote: »

Having been responsible for pensions before I retired I think I know the answer but I think it would help if people not in the know understood the issues. Employees and their union will/should know them, of course, but if the public at large, especially affected passengers, is to sympathise they too should understand.

Company’s who initially promoted the final salary scheme took long, long holidays from paying into the scheme when the investment returns were good.

If you don’t mind me asking, please can I have your view on a company taking payment holidays from pension schemes?

Arandorastar

HNY wrote: »

Company’s who initially promoted the final salary scheme took long, long holidays from paying into the scheme when the investment returns were good.

If you don’t mind me asking, please can I have your view on a company taking payment holidays from pension schemes?

In theory, that should not have been allowed to happen. Pension schemes should have been kept entirely separate from the rest of a company's funds. However, when times were good, companies took holidays to maximise profits for shareholders/be more competitive (as they are obliged to do) but when rules changed (biggest being Gordon Brown's decision when he first came to office to change dividends rules) and investment returns plummeted, the funds were raided to keep companies going/competitive (and people in employment). For many this didn't work.
This hasn't been a problem for just UK nor have these practices been confined to these shores, it's been the same in other countries - with the same results!
It is naive and unrealistic for BAA employees to expect their Final Pension Scheme to remain as it has been and ignore the circumstances which ultimately lead to many schemes crashing and people losing their pensions overnight (thankfully but belatedly being supported by the government that partly caused it in the first place!).

HNY

Arandorastar wrote: »

the funds were raided to keep companies going/competitive (and people in employment). For many this didn't work.

A company takes a pension holiday, stakes holders at the time benefit financially, the staff don’t benefit but get to stay in employment, business as usual, and all is well. Hardly surprising there are issues now, at least !!!!!! Turpin wore a mask when he deprived people of money. So subsequently the staff have arrived here through no fault of their own, is that the case?

What a mess this pension problem is in at present. Is the crisis compounded by pensions and the law being hard to understand, there lying the catch – if one side in a business deal understands more than the other then who gets the better deal?

Presumably the company have informed the staff and discussed matters at length before it all got this far. Do you think the employees fully understand the situation?

ynot2005

the first strike day has been called off , good news for travellers on the forum who had been worrying themseleves about the rights and wrongs of company pension schemes and unions because it infringed on their lives

you can travel and forget about it all now

bagand96

7th January strike CANCELED

I know there's a lot of potentially affected people that will be pleased to hear this news. The Strike on January the 7th has been called off. The Unions and BAA have agreed to have another round of talks. I imagine the other dates depend on the outcome of the next lot of talks.

http://news.bbc.co.uk/1/hi/business/7165196.stm

EDIT: Well done ynot... one minute!

poppyolivia

Yeeeeee Haaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

Just Saw It On The News....hopefully The Other Dates Will Follow



Xxxxxxxxxxx

vermont100

poppyolivia wrote: »

Yeeeeee Haaaaaaaaaaaaaaaaaaaaaaaaaaaaaa

Just Saw It On The News....hopefully The Other Dates Will Follow



Xxxxxxxxxxx

the union are going to put the proposal to employees and if they agree which they will all the strikes will be cancelled. the 7th was cancelled as a good will gesture . just shows you what a little bit of common sense from management can achieve. they could and should have done this from the start and none of this would have happened

poppyolivia

vermont100 wrote: »

the union are going to put the proposal to employees and if they agree which they will all the strikes will be cancelled. the 7th was cancelled as a good will gesture . just shows you what a little bit of common sense from management can achieve. they could and should have done this from the start and none of this would have happened

Totally agree with you:beer:

Its just a mess isn't it? Alot of people would have had xmas ruined because of the stress (Both sides of the story)...Its just a shame it wasn't/isn't sorted out alot quicker.

All the best xxx