UK - Trade unions have denied their support for Labour is undermining the fight to win compensation for workers who lost pension savings when their firms collapsed.
A former Allied Steel & Wire worker – who asked to remain anonymous – accused Amicus and the ISTC of failing to take a tough stance against the government because of their “vested interests”.
The scheme member said: “Unions in France and Italy have organised strikes over a proposal that does not protect their members’ pensions – let alone those like us who have already lost everything.”
But he added: “Having the Labour Party in power is good for the unions and they have refused to meet with some of the political leaders over this.”The attack came after Amicus general secretary Derek Simpson declared the union would be Labour’s main financial supporter and “work tirelessly” to ensure prime minister Tony Blair won another term in office.
Amicus contributes more than £1m to Labour funds.
The union’s pensions spokesman Brian Gallagher hit back and described the accusations as “simply ridiculous”.
Pension Insurance Corporation (PIC) has agreed to a 30 year debt investment in Phoenix Community Housing, a not-for-profit, resident-led housing association in London.
Royal London has announced plans to allow customers with guaranteed annuity rates (GARs) to convert their guarantees into a top-up for their pension pot, subject to High Court approval.
The Salvus Master Trust will welcome another 1,200 members and 20 employers as it absorbs the £7m Complete Master Trust.
Aon has appointed Emma Adair to lead client service for its UK investment team.