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Kelvin Lane, Crawley,
RH10 9PE

28th January 2016

FT Journalists To Strike

A 24 hour strike will be held by FT journalists in protest of Nikkei's changes to staff pensions.

New owners of The Financial Times, Nikkei, are facing staff strike action in protest of changes made to the staff pension system.

Journalists who were part of the final salary pension scheme with old owners, Pearson, are reported to be losing out under Nikkei's new pension scheme.

The National Union of Journalists (NUJ) at the FT stated:

"This meeting condemns Financial Times executives for their refusal to offer equivalent terms for all pension scheme members and their recent statement that "there is no more room for manoeuvre". We note that they have rejected two compromise offers from the pensions reps.

"FT claims that they have offered £13m in concessions to Final Pay (Defined Benefit) members is grossly misleading. Only £4m of this is an addition to the original low offer and aimed at pension accruals; much of the money on offer - including funds won to pay for financial advice for all staff - may not be taken up. According to management figures, an equivalent pensions scheme for DB members would cost on average £1.4m a year over 25 years. For a profitable company with no pension deficit, we believe that this figure is very sustainable.

"In light of the deadlock in the negotiations, we support the NUJ stance of taking strike action in defence of our common aim that the FT must honour its commitment to fair and equivalent terms and conditions for all after the Nikkei takeover. We understand that does not rule out further talks or Acas involvement on the basis that there is room for an improved deal.

"We also urge pension reps to push for improved terms for Defined Contribution members by seeking access to higher company contributions from an earlier age."

It is not yet known when the strike will take place, but journalists must give seven days notice.

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