Don't mess with my pension!!!!

chaddy7604

My employer Goodrich is trying to screw up my pension :mad:

My fight for my pension rights is about to begin :j

http://www.amicustheunion.org/default.aspx?page=7766

dunstonh

Good luck but dont expect to win. Employers can no longer afford to have an open cheque book and expect to join the 70% or so of other final salary schemes which have closed.

Retired_I.F.A.

The employers will be saying legally it's our scheme so tough and the employees will come back with the European courts declared pensions as a part of pay but I think the best the employees can really hope for is a compromise position with the contributions of the replacement scheme.

EdInvestor

You can see why they're annoyed.

Unite the Union is furious that the company which currently has a $7 billion order book, closed the final salary pension scheme to new entrants on 1st December 2007. Goodrich has also made changes to existing members contributions and benefits including raising the contribution rates. Based on figures from March 2006 the pensions deficit was £40 million but 90% funded.
Goodrich have taken a part pensions holiday for over 5 years despite being advised to cease their pensions holiday in 2005 and increase their contributions to 16%. The company chose to ignore the advice and has now closed the scheme and is forcing the staff to foot a significant portion of the bill to fund the scheme.

Not reasonable at all.

Hagar_uk

chaddy7604 wrote: »

My employer Goodrich is trying to screw up my pension :mad:

My fight for my pension rights is about to begin :j

http://www.amicustheunion.org/default.aspx?page=7766

I feel your pain, just going through pension problems my self, Im my case the company was going through a lean period, we were asked to forgo our pension for 3 months while things picked in order to save jobs. which we all didfor the greater good. Things pickedup, they still got rid of jobs, and then they took the p1ss by trying on the quiet to cancel our pension (worth 9% of salary) Which we arenot happy with, as the reason given is to be not for financial reasons but for synergy with the US workers..

chaddy7604

http://www.liverpooldailypost.co.uk/liverpool-news/regional-news/2008/01/21/workers-to-strike-over-pension-row-64375-20373550/

After the successful one days strike action by all the UK sites involved, on 28th January and a continuous overtime ban from Friday 25th Goodrich have finally realised what affect the action is having upon it and it's customers.

The second planned day of action was scheduled for this coming Monday 11th February, but has now been suspended by the Union as Goodrich have agreed to commence discussions on Monday

http://www.marketwire.com/mw/release.do?id=819018

The effect of the proposed action could have had an immense impact upon the Aerospace Industry in general as nearly all Aircraft have some form of Goodrich equipment installed upon them

I'm glad they are now seeing how the workers are united in their cause :j

Jennifer_Jane

Chaddy7604 - good luck with it all. You definitely have my sympathy with this. Of course, one of the ways that Pension Funds can also reduce one's pension (sorry to be so formal - 'one's'), is by changing the annuity rate levels. Unless you are in a pension fund with guaranteed annuity rates, and I bet most people are not, then that is a sneaky way to reduce actual pensions.

Your Company has been taking pension holidays when they were advised against doing so, and now the employees are being made to suffer. Outrageous!

Good luck
Jen

Retired_I.F.A.

Annuity rates have nothing to do with it JJ it's a final salary scheme.

Shaunyboy

Yep, it sure does look as though Goodrich are going through a tough time. :mad:

http://uk.reuters.com/article/pressRelease/idUS164570+31-Jan-2008+PRN20080131?symbol=GR.N


Remember the Golden Rule of Pensions Double Standards folks.

When employers are having it tough like this :rotfl: and stop paying into pensions thats GOOD.

When employees are having it tough and stop paying into pensions that's BAD.

Jennifer_Jane

Retired_I.F.A. wrote: »

Annuity rates have nothing to do with it JJ it's a final salary scheme.

Hiya Retired IFA

I'm in a final salary scheme and the rules state that "The current cost of providing £1 per annum of members (sic) pension at your retirement date is £12.6875 and the cost of a 10% spouse's pension is £0.3400".

That's what I was referring to.

Hope you will let me know if that figure is not variable at the whim of the Pension Fund Trustees. Because it is something that worries me.

Hope to hear from you,
Jen xx