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Steria signs unique pension agreement

Steria signs unique pension agreement with unions and employee representitives

Employees and business take priority

Steria has today signed a landmark agreement with its unions and employee representatives to move to a new defined contribution pension scheme for Steria UK employees.

Following a three-month period of consultation, the groundbreaking deal, which commences 1st April 2010, sets a new standard in UK for employee and industrial relations.

Under terms of the agreement, Steria will close the defined benefit scheme to future accrual. Based on a set of agreed assumptions, Steria will instead offer employees access to a Steria defined contribution pension scheme, on terms designed to replicate the level of pensions their defined benefits scheme currently provides. The contract was signed in London this morning, with unions Connect, CWU, Unite and the Steria Employee Forum.

Ben Marshall, Connect Assistant General Secretary comments: "Connect is delighted with this agreement. It is innovative and fair to our members, Steria and its customers. It will deliver good pensions and it will endure for the long term. It reflects well on Steria and on the unions representing its employees, and demonstrates what can be achieved when employers and unions work collaboratively."

Peter Skyte, Unite National Officer for IT and Communications highlights: We welcome the outcome of intensive and constructive negotiations, and the fact that pensions of members will broadly mirror what they could expect currently, under the final salary pension scheme. The approach taken by Steria towards these negotiations contrasts markedly with the approach taken by other companies.

John Torrie, UK CEO Steria states Steria is not alone in identifying the necessity to review pension provision, especially in light of the challenging economic environment and the falling asset values of the financial market. We have worked tirelessly over the last three months in close collaboration with union representatives, employee representatives, and financial advisers to create what we feel is a great outcome for everyone.

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