June 22nd, 2018

TUPE and Diligenta

We have now concluded the first 2 days of the consultation process and we have seen a high level view of the terms & conditions Diligenta are proposing. We are comfortable with a lot of these as they provide either no change or an increase to what you enjoy currently.  We will be looking at the T&C offering and Diligenta’s policies in more depth over the next 2 weeks to ensure that where there are changes, we will review and challenge (where appropriate) in the upcoming consultation meetings.

Following on from our previous email, the situation as it stands is:

What do we now know:

Redundancy terms – we are happy that Prudential redundancy terms will be transferred and preserved on promotions or redeployment within Diligenta. As the business transformation and migration plans to BaNCS mature, there may be more visibility of dates and timelines for changes.

Holiday – although Diligenta do not operate a flexible benefits programme, they have committed to the 5% flex allowance continuing and also for the option to buy more holidays up to a maximum of 33 days. The key difference is that once you have set the number of days you would like then this will continue for the length of your employment. If you have a significant life event , then it will be possible to flex the number of days following a discussion with your manager.

Bonus – you will receive a Prudential bonus (if it’s payable & you are eligible as usual) for January – September 2018, this will be paid in March 2019. You will then receive the Diligenta bonus (if it’s payable & you are eligible) for October 2018 – March 2019, this will be paid in June 2019. For 2019 and beyond, any bonus will be paid in June each year.  We are comfortable with the proposed bonus structure and confirm there will be no business multiplier in the Diligenta bonus scheme.

Pay Dates – This has been confirmed that it will be 25^th  as it is now so there is no change.

Unite recognition – Collective recognition will be transferred to Diligenta on the same basis as it exists in Prudential. If you are in Reading, you can join Unite to ensure you are fully recognised under the transfer and for those in Craigforth, you are still welcome (as always) to join and benefit from individual representation.

Defined Contribution (DC) Scheme – the Diligenta DC contributions are the same as the current Prudential DC scheme (6% employer + up to 6% matching employee contribution – max 12% employer contribution) .

Final Salary (DB) Scheme – Proposal for a non-contributory DC scheme has been put forward. This will be a key part of the consultations and will be asking for your thoughts over the next 2 weeks so please let us know if there is anything we should consider to represent you.  We have raised a lot of concerns already regarding this aspect and will look to get the best outcome we can.

Going forward:

We will communicate with our members regularly with any updates by email, drop in sessions and members meetings.

 

Retained Organisation – CS&I and Wealth:

We start consultations on this element of the transformation on Monday 25^th June, thank you to those of you that have raised concerns and we will raise these as part of the consultation process. As with the TUPE consultations, we will be representing your interests and communicating regularly.

We have arranged another day for you to just come along & have a chat – we will be in BG02 between 9am and 3pm on Thursday 28^th June.  We have also arranged another members meeting for Monday 2^nd July at 12.30 in The Avenue, Reading.

 

If you are unable to attend the drop in sessions, members meetings or have any questions then please contact Unite@prudential.co.uk.

Please feel free to pass this on to your colleagues and friends who may not be members – an application form and benefit summary are attached should non-members wish to sign up.  Please return these to either Jan Ciepkiewicz (2C) or myself (3B) 121 Kings Road.

Thanks

Claire Williams
Ellen Looby
Jan Ciepkiewicz

Posted in Diligenta & TCS TUPE, Pru Section news | Comments Off on Update on Consultations

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