UK - Part-time workers are being given retrospective membership of the Co-operative Bank's final salary scheme.
The negotiations were spearheaded by banking union Unifi, which said it was “delighted” by the speed of the settlement.
Under the agreement, all part-time staff who lodged claims within six months of leaving service, will be granted access to the Co-operative Bank Pension Scheme for the relevant period between April 1976 and January 1988, when part-time staff were barred from membership.
The agreement is based on a House of Lords decision made in February 2001, which forces employers to ensure part-timers have equal pension rights, and backdate claims to 1976.
But the bank has been more generous than legally required, agreeing to pay some back-dated pension contributions without staff needing to match them with their own payments.
The bank is writing to all claimants individually to set out their proposed settlement options.
Unifi national secretary Andy Colognori said: “The union is particularly pleased that the Co-op Bank has agreed to exceed the requirements that were placed on it by the Lords’ decision.”
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