UK - The National Association of British Steel Pensioners is set to merge with the National Federation of Post Office & BT Pensioners.
The move will create the largest pensioner organisation in the UK.
A postal ballot of NABSP members showed that 81% were in favour of the move.
The merger is still subject to the final approval of both associations and documents have been drawn up outlining the conditions under which it could take place. This follows meetings between the two bodies on July 31.
The proposals are now set to be referred to the executive committees of both organisations with a view to completing the merger in 2004.
NABSP chairman John Batstone said that the merger of the two organisations would “achieve a better service for our members”.
He explained that the National Federation of Post Office & BT Pensioners could offer British Steel pensioners a wide range of additional services – including a full-time staffing, legal and financial services, and a magazine produced eight times a year.
National Federation of Post Office & BT Pensioners assistant general secretary Eve Gracey said the merger would increase the profile of both organisations through an increase in their membership base.
But she added that while the “bare bones of an agreement have been thrashed out” they would not be confirmed until next April’s annual conference.
The proposals will be put to the NABSP’s conference in March.
The National Federation of Post Office & BT Pensioners currently represents 101,000 members.
The National Association of British Steel Pensioners has 3000 members but is undergoing a recruitment drive to employ some of the 160,000 pensioner and deferred members of the scheme.
The BT, Post Office and British Steel Pension Schemes are among the largest pension schemes in the UK managing a total of over £50bn of assets for nearly one million active, deferred and pensioner members.
A number of pension schemes have been prompted to lock in gains with a move into bonds after the estimated deficit across FTSE 100 DB pension schemes improved by £36bn, over the 12 months ending 30 June last year, JLT Employment Benefits found.
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust's wind up or closure.
AMP Capital has set up a dedicated team to help institutional investors, including pension funds, invest in infrastructure through direct equity allocations.