Nissan in bid to change pension plan

AROUND 2,000 North East workers at car giant Nissan could see their pensions change.

Staff at the Japanese giant’s UK plants have been told it wants to end the current defined pension plan in favour of a new scheme.

Nissan put the brakes on new entrants to the defined pension in 2004.

In its place, the firm created the Nissan defined Contribution Pension Plan, a scheme which last year cost the £5bn turnover firm £6.6m, according to accounts.

Now the firm is proposing those who had been on the original final salary pension scheme move to a new scheme.

The manufacturer said consultations over the proposed changes have just started with affected staff members representatives and the firm’s in-house workers’ council, and are due to last 60 days

A spokesman at Nissan said: “Our proposed Defined Benefit plan is one of the most competitive in the industry.”