UK - Pension Corporation has hit back after the UK's biggest trade union Unite urged the government to legislate to protect pension schemes from "raids" by private equity style companies.
Unite is concerned the firm bought the telecom services company for £400m to gain control of its £3bn pension plan and access to the assets of a further pension account worth £520m.
Peter Skyte, Unite national officer, said: "At our meeting yesterday, we pressed the government to take quick and decisive action to stop 'raids' on pension schemes by companies seeking to make a fast buck for private investors at the expense of employees and pension scheme members.
"Pension schemes belong to the present and former workforce and must be used to protect their long-term futures in retirement."
However, in a statement, Pension Corporation said it did not "raid" pension schemes but provided them with sponsorship, insurance or asset liability management services.
It said: "In this way, it helps to strengthen pension schemes and stabilise their financial position. Its financial returns will be drawn down only over the long-run in the same manner as an insurance company and only after pension scheme member benefits are secured.
"Although the three pension schemes where Pension Corporation has become corporate sponsor were responsibly managed, it has advocated a reduction in the risk level of the pension scheme assets.
"This emphasises its conservatism in regard to risk and prioritisation of pensioner security. Pension Corporation has also been active in developing the telent business, in particular by making available its business skills to assist in the recent acquisition of TSEU Group and is ready to support further business expansion."
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