Also very important:
The implementation of the agreement is subject to the satisfaction of certain conditions. These include new legislation providing that the new company’s pension liabilities will be covered by equivalent arrangements to the current Crown Guarantee, thereby ensuring the transfer does not mean that its BT Pension Scheme members lose that protection, and the BT Pension Scheme Trustee having consented to Openreach Limited becoming a participating employer in the scheme.
Have you a link to where that is from please? I don't recall seeing it in the BT announcement
MrSaffron links to in the Main Site News Article.
That simply says TUPE
will apply. So either I've missed it, or the announcement of what will happen to current employees' pension rights is premature, or your quotation is from an earlier internal BT document and superseded. No mention of new legislation being required.
7. Transfer of Openreach LoB employees
7.1 Upon the ASA taking effect in accordance with its terms, the employment contracts of c.32,000 employees in Openreach LoB will transfer from BT to Openreach Limited by way of a transfer under TUPE, assuming that TUPE then remains in force and provides for such a transfer.
7.2 Following the transfer referred to in paragraph 7.1, Openreach Limited will have control over the employment of the employees referred to in paragraph 7.1 and those recruited by Openreach Limited subsequently (together, the Openreach Employees).
7.3 Subject to the satisfaction of the conditions set out in the Notification, any employees who transfer to Openreach Limited and who are active members of the BT Pension Scheme at the point of transfer will continue to be eligible to participate in the BT Pension Scheme on the transfer of their employment to Openreach Limited, with no break in service as a result of the transfer.
7.4 Openreach Employees shall include:
(a) all field engineers working for the Openreach LoB from time to time, including their line management up to and including the Openreach CEO;
(b) those employees involved in the design, planning, implementation and in-life service management of the products provided by the Openreach Division, including their line management up to and including the Openreach CEO; and
(c) those employees who carry out activities which are ancillary to those described in (a) and (b) above, those who support and manage them, and those who undertake the sales function of Openreach LoB.
Openreach LoB (Line of Business) is part of the new Openreach Division of the Group, the other part being the new Openreach Limited. It basically comprises all the kit and assets required for Openreach to function, which remain BT Group assets. See Section 3 of this link
, in the announcement document linked to above.
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Edited by RobertoS (Fri 10-Mar-17 11:25:47)