More than 4,000 Co-operative Bank employees will have to pay contributionsinto the group’s pension scheme for the first time in the company’s history. The bank is battling to cut a deficit of £140m and has told staff they muststart making contributions of 2 per cent of salary from next January, rising to6 per cent within three years. The company, which prides itself on its ‘people’ policies and fairness as anemployer, said it was “not immune to pressures from the wider world”and had to address its overall financial position. Ken Lewis, Co-operative financial services resources director, said HRworked very closely with the banking union Unifi and its in-housecommunications department on the best way to inform staff of the changes. “We had face-to-face briefings with two tiers of management who thenfully cascaded the information through to staff,” he said. “There was no point in dressing up the news as anything other than whatit was. We wanted to present people with the bare facts and make it clear thecompany was still committed to providing a generous scheme.” Lewis added that the bank was still gathering feedback from staff and wantedto gauge reaction on not only the news itself, but also how it was delivered. Previous Article Next Article Co-op bank staff to contribute to pension schemeOn 20 Apr 2004 in Personnel Today Comments are closed. Related posts:No related photos.