Unfortunately we do have employers who seek to make detrimental changes to member’s pensions.
In the past this has commonly involved a detrimental change to the calculation of future service benefits in a DB Pension Scheme following an actuarial valuation that shows the costs of the scheme to the employer have increased.
The hard fact is that in almost all cases the employer will have the right to terminate or amend pension’s provision for employees.
Accrued rights in the pension scheme are protected. The employer cannot make changes to the pension rights you’ve already built up in a scheme; however they can after the completion of a consultation change future pension provision.
Prospect seek to work constructively with employers consulting on changes to members pensions. We will request more information from employers when the justification of the need for the changes is not clear, consult our members on their views on the proposals and potential counter proposals and submit a response from the union on our position on the proposals.
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