NUJ representatives at the BBC will meet on Friday to consider yesterday's deal, brokered at the Advisory, Conciliation and Arbitration Service (ACAS). The deal commits the broadcaster to an annual increase in pension contributions in line with inflation up to CPI (consumer prices index) or to 4 per cent a year, whichever is the lower.
However, a statement from the BBC says that the annual revaluation will be at the discretion of the BBC and the Pension Scheme Trustees and could be affected if there was "a period of prolonged deflation or if there was a very significant change to the BBC's financial position".
"In the event that the BBC and the Pension Scheme Trustees cannot agree, the final decision would rest with an independent arbitrator", the statement adds.
According to a report on the BBC's MyPension site, the final-salary pension scheme has been closed to new joiners from today, as part of the original proposals.
Members of the NUJ held a 48-hour strike in response to proposed changes to the BBC pension scheme last month, which the NUJ claimed remained "unfair and unacceptable". All other unions voted to settle.
In an email to staff last night, Lucy Adams, director of BBC People, said the broadcaster now expects to move towards finalising the proposals.
"We are pleased to say that discussions on behalf of the joint unions and the BBC reached a conclusion and an agreement in principle was signed by the joint unions on this final outstanding point.
"We now expect to move towards finalising our proposals and will keep you updated in the next few weeks."
"Union negotiators met with the BBC at ACAS on Tuesday and reached an agreement in principle which will be recommended for acceptance at the meeting on Friday," the NUJ said in its report.
"NUJ members took strike action last month after the BBC sought to impose changes to the pension scheme in advance of the actuarial valuation next year.
"The union called on the BBC to hold off on implementing any changes until the deficit was known and also sought to limit the BBC’s ability to vary the rate at which pensions are revalued under the proposed new scheme.
"An agreement in principle covering these issues was reached after 9 hours of talks at ACAS on Tuesday".
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