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Employer Consultation: Proposed Changes to SAUL | ||||
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The cost of providing defined benefit pension schemes has been rising in recent years. This increase has been due to a combination of improving life expectancy and lower expected investment returns. SAUL is no different. Also, the preliminary results of the 2011 Actuarial Valuation show that SAUL has a funding shortfall. To resolve this, and to ensure that SAUL continues to offer high quality, affordable and sustainable benefits, the SAUL Employers and Trade Unions, UNISON and Unite, have negotiated proposed changes to SAUL from 1 July 2012. These include assurances sought by the Trade Unions in response to the Employers' original proposals. It is important to note that the benefits of members who are deferred or pensioners at the proposed date of change will not be affected by these proposals. The law states that the SAUL Employers should now consult members of the Scheme – and those who are eligible for membership - about the proposed changes. The consultation opens on 10 January 2012 and closes 9 March 2012. Why are changes to SAUL proposed? What are the proposed changes for active members? |
A PDF version of the information provided to everyone who is affected by the proposed changes. |
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