UK - Manufacturing union Amicus-AEEU is urging the government to restore advanced corporation tax to help save final salary schemes.
ACT – which allowed scheme to take dividends from their equity investments tax-free – was scrapped by the Labour government when it came to power. Critics claim the move has cost schemes up to £5bn.
Amicus said that its demand for the restoration of ACT will form part of a concerted campaign to try to highlight the true scale of the problems facing the pensions industry.
It will urge its 300,000 members to lobby MPs and it is setting up a website outlining how they have been affected by scheme closures.
Amicus head of pensions Julian Richards said: “Every day we speak to companies which cite the removal of ACT as the ‘killer fact’ in what they do to their pension scheme.
“I’m concerned that the government thinks that there is no crisis in occupational pensions, and that it is manufactured by people like us and the media.
“So part of this campaign will be to get our members to raise their concerns as individuals and scheme members to the government that this affects ordinary people.”
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