O2 Pension Plan Review


O2 Pension Plan Review

O2 has announced a review of the Defined Benefit (final salary) part of the pension arrangements that currently apply throughout the UK.

Many companies and the Government have changed pension arrangements for employees over the last few years and this review could lead to changes to pension provision arrangements for the 2,100 current O2 Sections 2 and 3 Plan members.

The Pension Plan is divided up into three sections as follows: -

• Section 1 - Defined Contribution pension for those joining after 1 April 2001.

• Section 2 - Defined Benefit Pension for those joining between April 1986 and April 2001.

• Section 3 - Defined Benefit Pension for those joining before April 1986.

Any changes to your pensions are of the utmost importance for your future. Prospect will be working with our colleagues in CWU to protect your interests in negotiations with O2.

In particular, we will be seeking to ensure that the defined benefit sections of the Plan remain open for all existing members.

Prospect will ballot members before any changes to the pension scheme are agreed.

We will keep you informed of developments.