IT services provider Steria has agreed with the unions to offer employees pension terms broadly the same as their...
end of salary scheme.
Union Unite said other companies such as Fujitsu should follow Steria's example and negotiate a fair solution with the unions.
The Unite and Connect unions have been in negotiations with Steria for three months to find a suitable replacement for its final salary pension scheme.
Steria was closing its final salary scheme and wanted to replace it with a defined contribution scheme. But with a defined contribution scheme you do not know what you get when you retire and it is usually a lot less.
"We have negotiated an agreement that although means the introduction of a defined contribution scheme means the pensions that workers will receive will be broadly the same as what they would have received," said Peter Skyte, national officer at Unite.
"We hope other companies, including Fujitsu, where we have not reached agreement over pension issues, can come to similar agreements."
Fujitsu workers began a strike today that will see a total of six days action.
Skyte was at the protest at Fujitsu's London office in Baker St today. He said there was a large turnout and was happy that management came to talk to protesters.
John Torrie, UK CEO at Steria said; "Steria is not alone in identifying the necessity to review pension provision, especially in light of the challenging economic environment and the falling asset values of the financial market. We have worked tirelessly over the last four months in close collaboration with union representatives, employee representatives, and financial advisers to create what we feel is a great outcome for everyone".