Our “Pay & Pensions” campaign has four goals agreed by members:
1. A fairer pay system
2. More money for employees
3. Defend the ICL DB pension scheme
4. Improve pension provision for those with something worse
A lot of the material for our campaign has focused on points 2 and 3. This article explores point 4.
The majority of Fujitsu Services’ UK employees are not in the ICL DB pension plan. Some are in other good “defined benefit” schemes, several thousand are in the “FJ UK” Defined Contribution scheme and a significant minority have no company pension at all.
The main current concern for those in other defined benefit schemes is to ensure that the company doesn’t get away with closing the ICL DB plan – this would be a significant setback for the company strategy to exit all its Defined Benefit plans.
But what about those already in the FJ UK scheme or who have no company pension at all?
Ideas for improvement could include:
An additional non-contributory element to the FJ UK DC plan, particularly to help those who feel they cannot afford the employee contributions and are therefore not in any pension scheme
Putting the company NI saving from Salary Swap into the individual’s DC fund within the FJ UK plan
Risk reduction for the individual, for example by requiring extra company contributions in certain circumstances (e.g. if investment returns were particularly bad)
Higher company contributions
What improvements would you like to see?