Thames Water Pensions Scheme
Date September 2017
Members were written to by Thames in July laying out all things they may try to do to their pension. They asked for feedback on these options. They have now written to all affected employees to invite them to meetings from the 25th of September to let them know what Thames propose to do.
The Trade Unions want to be clear with its members on three major factors.
- Partnership is not working. We have been sat informally with the employer for months. Thames Water knows what is acceptable and unacceptable to union members. The Trade Unions have been unable to influence what the employer will propose on the 25th. Thames Water has disregarded our input on their proposals.
- The schemes are sustainable and affordable. Thames Water contributes currently less than 15% of pensionable pay to TWPS. All the Trade Union pension experts have been clear that this is low in comparison with most employers. Thames Water made over ½ a billion pounds in profit last year. The extra National Insurance the employer has to pay is their full National Insurance which they are trying to avoid. The extra National Insurance cost is equal to less than 0.5% of their profits last year.
- If Thames Water decide to close TWPS and MIPS there will be a dispute. Hardworking and loyal Thames Water staff deserve a decent pension. Thames Water will discuss equality but they closed TWPS to new starters and caused the inequality. The Trade Unions believe in improving pensions so everyone has a decent one, not eroding Terms and Conditions in a race to the bottom. The Trade Unions will not stand by and watch while our members lose out, we will stand up to Thames Water.
We know the feedback to Thames Water from their ‘listening’ exercise was not to close the pensions schemes, so if they decide to that will show complete disregard for members opinion. Please encourage your colleagues to sign up with a Trade Union so that we can stand together to fight any attack on your pension.
