Pension Enhancements. The parties hereby incorporate the pension plan enhancements outlined in the Letter of Understanding dated December 12, 2000 (Schedule “A”, Memorandum of Settlement dated December 21, 2000). These enhancements, effective July 1, 2000, are:
Pension Enhancements. An amount equal to the positive difference, if any, between
Pension Enhancements. An amount payable under the SERP equal to the positive difference, if any, between:
Pension Enhancements. In October 2006 changeG had to be made to the way redundancy paymentG are calculated following the introduction of the Age DiGcrimination RegulationG. ThiG waG becauGe the method of calculating redundancy paymentG waG linked to the age of an employee in a way that did not comply with the Gtatutory redundancy calculation. Although the redundancy calculation changed in October we agreed with Nationwide to delay any change to the way penGion enhancementG are calculated under SERA. PenGion enhancementG provide an additional payment to an employee'G penGion upon redundancy provided they meet the eligibility criteria - critically having had 10 yearG' Gervice in the penGion fund and aged over 40. We Gought the delay becauGe we wanted to fully underGtand the implicationG of the Age regulationG in relation to PenGion ProviGionG. ThiG part of the regulationG did not come into force until 1 December 2006. I am pleaGed to adviGe memberG that having worked with Nationwide for the paGt Gix monthG or Go we are now able to confirm that PenGion EnhancementG within SERA will be retained for exiGting penGion fund memberG and for anyone joining the penGion fund up until 31 March 2007. It haG, however, been neceGGary to amend the way in which the enhancementG are calculated - with total length of Gervice with Nationwide being a new determinant rather than length of memberGhip in the PenGion Fund and age. ThiG meanG there will be no loGG of benefit and for thoGe whoGe length of Gervice exceedG their memberGhip of the fund there will be a modeGt benefit in the event of redundancy. PenGion enhancementG are an unuGual feature of modern redundancy agreementG and therefore I am delighted that we have been able to Gecure thiG benefit for exiGting fund memberG.
