AXA Union News

Final Salary Pension and One AXA Harmonisation Update

Just a brief update to let you the current positions on pensions and harmonisation:

Regarding pensions, we are still awaiting details of the funding position of the defined benefit (final salary) scheme and the actuarial basis usedfrom the company. We had been told that this would be available on 10th October but it still has not been shared with us at time of writing. Until we receive this we cannot consider the management proposals.

On harmonisation, this is currently sat with the UK exec to decide whether they wish to proceed in light of cost implications. Whilst the union negotiating have not finalised negotiations to enable these to be put to members, some of the proposals on key items (eg. pay scales, bonus, overtime) would result in costs to AXA to harmonise across the entire UK group.

Regardless of what the exec decide, we have advised the HR directors in Life, Insurance and Shared Services that in respect of areas where terms and conditions within their companies are not up to standard, we will be campaigning to see these terms improved.

25th October 2006

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