UK - Union Unite has described airport company BAA's decision to close its defined benefit (DB) pension scheme to new members as "callous and cynical".
BAA said the move would protect current DB scheme members from stock market volatility and would assure members of the new defined contribution (DC) scheme because of the employer contribution levels.
However, Brendan Gold, national secretary at Union Unite, disagreed: “There is no financial or rational reason for the Spanish-owned BAA to do what they are doing. We are seeking an urgent meeting with the directors to tell them exactly what we think.”
Gold also claimed the £29m deficit on the pension fund was relatively small from a long term perspective.
Union Unite has four thousand members working for BAA, including security personnel and fire fighters.
Gold said the union would be meeting with its members to discuss how to campaign against the closure which is due to come into effect on 1 December 2007.
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