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Co-op drivers reach deal
Page 7
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MORE THAN 1,2(X) Co-op drivers have lost a fight to retain final-salary pensions — but their union says that an important concession has been won in exchange.
The replacement pension scheme, which is based on careeraverage earnings, applies to all Co-op staff, including those employed in retail and banking.
Ron Webb, national road transport secretary for the Transport & General Workers Union. says most of the workforce accepted management's argument that final-salary schemes were becoming too expensive due to increased life expectancy.
Webb adds that a deal will shortly be concluded entitling drivers to payments of up to .£25,000 if they lose their licence due to ill health.
"It's one of the best loss-oflicence schemes in the country," he says. "It has been a case of negotiating to lose something to achieve something."
The Co-op says that the careeraverage pension scheme is more suited to current work and lifestyle patterns than a final-salary scheme (CM 12 January).