Summary
Nice surprises can come from odd places. A purveyor of weapons of mass destruction is not the most likely exemplar of the paternalistic employment ethic, yet last week defence group BAE Systems confirmed a truly imaginative deal to sort out its Pounds 3 billion pension deficit one of the largest shortfalls relative to its stock market valuation of any company in the FTSE 100.
How satisfying to hear the company's finance director, George Rose, say he could not imagine how low British industry would have sunk if it did not honour pension promises already locked up for employees.See the full content of this document
Extract
An Unlikely Hero Emerges in the Pensions Battle
It may have taken three years of negotiation, but little wonder with this attitude that Rose finally managed to swing the workforce behind the plan whereby the pain of increased longevity and a currently...
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