BW pension scheme to close

Published: Monday, 20 September 2010

BRITISH Waterways directors are proposing that its pension scheme be closed to new recruits and restrictions placed on the accrual of future benefits.

It is understood that chairman, Tony Hales together with Chairman of the Remuneration Committee Maggie Carver  (pictured) have arranged to meet Defra officials to advise them. Negotiations with trades union officials and other employee representatives are also taking place, writes Allan Richards.

Black hole

The black hole in BW's pensions fund has tripled over the last two years from £33.8m to £95.5m. In that same period the accrued benefits of executive directors pensions has risen dramatically with chief executive Robin Evans receiving an increase of over £600,000.

No plans

Asked to provide details of plans to align director's salaries with those of the third sector, BW claimed that this was the responsibility of of the body replacing them.

They have no plans to do it themselves!