FT journalists call off strike after deal with management over pensions

Journalists at the Financial Times have called off a 24-hour strike which was due to start at midnight tonight.

The move follows talks between the National Union of Journalists and management.

The dispute centres around changes to final salary pensions benefits caused by the sale of the FT to Nikkei last year.

A spokesperson for the FT said: "The planned strike at the FT has been called off. This follows constructive talks over the last two days at Acas in London between representatives of the FT and the NUJ who worked together on a revised offer for the transition of pension arrangements following Pearson's sale of the FT."

Here is a statement from the NUJ:

During talks over the past two days at Acas in London with representatives of the NUJ and the FT, we have worked together to achieve a revised pensions offer. 

As a consequence of the revised offer Thursday’s strike has been called off.

The offer will be put out to a consultative ballot of NUJ members for their consideration with the aim to have a result by Monday 15 February.

The proposal will:

  • cap the anticipated impact on members of the previous DB scheme at a maximum 15 per cent reduction of projected future pensions.
  • Provide a sum of between 40-55 per cent of salary to those most affected (i.e. the Final Pay section members) as a pension contribution over four or five years
  • Recognise and reward length of service with additional contributions to those who have been with the FT the longest.

The proposal also removes the lower age band for DC members with effect from 1 January 2017. This means that FT employees under age 30 will be able to make a 6 per cent contribution which will be double matched by the FT.

 

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