Virgin Media - Pension Increase Exchange Offer

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Ron Suddes
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Virgin Media - Pension Increase Exchange Offer

Post by Ron Suddes » Sat Jun 11, 2011 4:05 pm

Have we all received this information from Virgin Media?
I understand Virgin are making an offer to increase our pension by a greater rate than the yearly increase if we are prepared to sacrifice any further increases.
Does anyone have any thoughts about this?

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Post by Allan » Sun Jun 12, 2011 8:49 am

Well...if they offer say 10% increase now it only takes 3 years of inflation at 3.5% to wipe it out...think it more likely to favour the company than the pensioner.theres a suprise...not...Regards Allan

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Steven Cole
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Some Info on NTLPA Web Site

Post by Steven Cole » Sun Jun 12, 2011 1:19 pm

I attended the last ntlPA committee meeting on 26th May 2011 during which a presentation was made by Virgin Media (VM) and a consultant/advisor from KPMG.

All ex-DTELS staff who are members of the NTL Pension plan should now have received a letter from the pension trustees on Virgin Media headed notepaper requesting approval to pass your individual details to VM. Responses must be made no later than 29 June 2011

My understanding is that following approval to release the information (which I guess in principle VM should already have if you are in receipt of a VM pension), then you will receive in due course an offer.

My interpretation is that the offer relates to members accepting no inflation increases on the years accrued before pre-statutory 1997 inflation rises. For ex-DTELS staff, this only relates to the three year period after privatisation, so I would guess the sums involved are likely to a lot smaller than colleagues who had accrued many years with IBA/NTL.

A letter from the ntlPA Chairman to members can currently be viewed on the ntlPA web site.


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