UK - Bus company bosses have bowed to union strike threats and agreed to keep the firm's final salary scheme open.
The Wilts and Dorset Bus Company – which had threatened to close the scheme to new members – has also agreed to inject £4m into the fund over 10 years after previously reducing its contributions.
The bus firm backed down after workers voted 404 to 33 in favour of industrial action – although it warned that outstanding liabilities meant it could not guarantee the scheme would remain in its existing form.
An RMT spokesman said: “The company has seen sense after members voted by a massive majority in favour of strike action.” And the union insisted it would resist any moves to increase retirement age.
Meanwhile, pressure continues to mount at chemical firm Rhodia, where 600 staff have voted in favour of strike action to keep their final salary scheme open to new members. remain in its existing form.
French chemical firm Rhodia has called a “crisis” meeting with unions to avert industrial action which would be coordinated jointly by the GMB and Amicus unions.
GMB said workers at Rhodia’s Oldbury site voted 70.7% in favour of industrial action while members at the Widnes site voted 95.5% in favour.
GMB general secretary, Kevin Curran said: “GMB members recognise that closing the scheme to new members is just the first step to eventually stripping workers of hard earned pensions.”
Rhodia cut employer contributions from 18% to 14% for the past three years.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
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