UK - Trade union Unifi has warned Abbey suitors they must guarantee staff pensions or have their bids referred to the Competition Commission.
Spanish bank Santander Central Hispano has already told the finance union that it would retain Abbey’s defined contribution plan and closed final salary scheme if its £8.2bn offer is accepted.
And Unifi says it expects similar guarantees from any other bidder for the UK banking group.
Unifi general secretary Ed Sweeney said: “We want to see that any new employer retains the existing pension provision and continues that provision for new employees. We will automatically seek a reference to a bid from another top 10 UK bidder unless we receive unconditional assurances about the security of our members’ jobs and pensions.”
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers