Life insurance company starts pension talks

Mon, 22 Jan 2007

Employees of the life insurance company Standard Life are said to be reluctant to agree on new proposals that could reduce the size of the pension that they can enjoy.

Apparently, over 7,000 staff at the insurance company is in on the negotiations. Standard Life wants their employees to take a pension scheme that is based on their average salary as opposed to their salary at retirement . Previously, the proposals have been greeted with strong criticism. After initial consultation, Standard Life have provided an ‘enhanced’ pension plan with extra time allotted for negotiations. A spokesman for Standard Life, Scott White, said: "Obviously it's a very emotive subject... We want to ensure that a period is set so that all members of staff can be heard and can understand what the changes mean for them."
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