Steria has clearly learned from the mistakes made by corporate giants and worked closely with workers’ unions as it closes the final salary pension scheme and moves to a new model.
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Following a three month consultation with unions Connectm, CWU, Unite and the Steria Employee Forum, the services and consultancy provider said it will “close the defined benefit scheme to future accrual.”
“Steria will instead offer employees access to a Steria defined contribution pension scheme, on terms designed to replicate the level of pensions their defined benefits scheme currently provides,” the company stated.
Unite national officer for IT and communications Peter Skyte said the replacement scheme “broadly mirrored” the existing final pension plan.
“The approach taken by Steria towards these negotiations contrasts markedly with the approach taken by other companies,” he said.
Ben Marshall, Connect assistant general secretary also praised the communications process. “It demonstrates what can be achieved when employers and unions work collaboratively.”
There had been a need to review the pension policy in the current economic climate and “falling assets values of the financial market”, said John Torrie, UK CEO at Steria,