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Life & Savings to be sold to Royal London for £219 million

CBG: Life & Savings
TUPE Transfer to Royal London

Co-operative Banking Group has today announced the signing of an agreement with Royal London for the transfer of the Life and Savings business.  Project Jupiter was originally announced to staff in July 2011, and has taken until now to progress to signing the agreement.  We understand that the delay has been largely due to the FSA.  There will now be a completion period, which is likely to take several more months. The end of this period is when staff will transfer to Royal London. 
Terms and Conditions
The briefing packs you will be given today will contain detail about the transfer, and what it will mean for staff.  There is detail about the Terms and Conditions, which were subject to discussion with the trades unions some time ago.  The JTU are always committed to protecting members terms and conditions as far as possible, and achieving the best outcome achievable for all concerned in the circumstances.  The T&C’s negotiations were undertaken with that outcome in mind.
If you are not currently a union member, we strongly urge you to complete an application form as soon as possible.  No union provides assistance to non-members.
We know that this is a difficult time for members, and that there will be a great deal of uncertainty around.  Such exercises are never easy, and we will be very active on your behalf.  In return your unions ask you to bear in mind that they are already extremely busy, so would ask for your support and patience. 

Contact Us
To speak with an official, please contact the NACO National Office.