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.”
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