UK - Staff at insurance giant Norwich Union face pension contributions for the first time to help plug the gap in the company's scheme.
NU’s parent – Aviva – is paying £60m into the scheme over the next five years and is proposing a 5% contribution from staff.
This will be introduced in two phases with employees paying 2.5% of pensionable pay from next April with contributions rising to 5% from April 2005.
But Amicus – which represents the workers – is angry that the firm has blocked attempts to phase in these changes over a longer time period or consider other measures, such as changes to accrual rates or the removal of some fringe benefits.
An Amicus spokesman said the union was continuing to have informal discussions with Norwich Union over the changes.
The £4.8bn Norwich Union Aviva Staff Pension Scheme has around 20,000 members – 12,000 of whom will be affected by the move.
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