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The RO Pension Scheme is in deficit. In 1989 to 1998 the Company gave themselves and the employees, contribution holidays amounting to a total of £250M. This combined with an increase in members' longevity and the fall in the value of equities has led to a serious weakening in the strength of our fund. The RO Scheme is fairly small within BAE Systems, but in total, the BAE Schemes are at least £2billion in deficit.
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The Composition of the Trustee Board. 3 Trade Union Trustees are selected from the 1598 active members, and only one Trustee from the retired and deferred 14,621 members. ROPA is seeking 2 Trustees selected from the pensioners and deferreds.
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The Chairman of the Trustee Board is a Senior Executive of the Company, and there is thus a potential conflict of interest in any dispute with the Company. We would like to see an Independent Chairman of the Board, who would take a balanced neutral view in such a circumstance.
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