Prospect calls for improved pensions for young nuclear workers

Prospect calls for improved pensions for young nuclear workers

Prospect has called on the Nuclear Decommissioning Authority (NDA) to review the defined contribution pension arrangements that are open to new entrants across the nuclear estate.

BNFL Sellafield site

Difficult discussions about reform of the NDA’s final salary pension schemes concluded earlier this year.  Prospect is now calling for talks about the defined contribution arrangements for those not eligible for final salary schemes to start when the NDA, employers and unions meet at an annual pension forum this week.

Prospect pensions officer Neil Walsh said: “We called on the NDA to transfer members in defined contribution schemes to the final salary schemes when these were being reviewed. We argued that this would be consistent with the government’s approach of treating members as public sector employees.

“That was rejected, so it is even more important that the defined contribution arrangements are reviewed to ensure that younger nuclear decommissioning workers are treated fairly. They need access to a pension scheme that enables them to retire at a reasonable age with a decent income.”

In its submission to the NDA, Prospect identifies a number of areas where improvements could be considered. In particular the union makes a strong case for reviewing the level of employer contributions.

Walsh said: “It’s in everyone’s interests to ensure that charges are as low as possible and that members are well supported at retirement.

“Our submission outlines developments since the defined contribution arrangements were originally negotiated that justify a close look at the appropriate level of employer contributions. We believe it’s time for the employer to increase its contributions to these pension schemes.”

* Read the full submission here: