Stagecoach Group Pension Scheme

(MRP4/17)

To the Secretary

All Stagecoach Bus Branches & Regional Officers

Dear Colleague,

At a Stagecoach Pensions Working Party meeting held in London on 3^rd February, delegates from both RMT and the TGWU were informed that the three-yearly actuarial valuation of the fund had revealed a £72 million deficit.Although this may seem to be a large figure, a significant number of pension funds have recorded large deficits following poor returns from financial markets. 

This information will be reported to the main Stagecoach Board at their meeting on 24^th February. Management indicated thatthe Board will more than likely consider two options; namely, close the scheme to new entrants, which we believe is unlikely or, to ask the management representatives to sit down with the union representatives to discuss various options on how the deficit may be funded.

A further pensions working party meeting has been called for March 14^th, where the outcome of the Board's consideration of this matter will be reported.

I shall keep you fully informed of the outcome of that meeting.

Yours sincerely,

R. Crow

General Secretary