US - United Airlines unions have vowed to fight PBGC's decision to terminated the company's pension plans.
The flight attendants associations expressed outrage at the “deplorable” pension move.
Greg Davidowitch, president of the association of flight attendants-CWA (AFA) United Master Executive Council said: We are outraged by this avoidable action and will oppose it forcefully in the courts and on the streets. By law, termination of each plan must be considered separately, on its own merits.”
He added: “United Airlines single-minded actions have forced the PBGC to pursue the termination of all employee pension plans. Abandoning promises to employees for retirement security after a lifetime of service is deplorable in itself. When coupled with the fact that United executives are taking bonuses, have given themselves raises and refuse to meet the same standard of concessions they have demanded from their employees, their action is morally criminal.”
Late last week, the PBGC has said that it has reached a settlement with United Airlines over the termination of the company's $9.8bn underfunded pension plans.
Under the terms of the agreement, which must still be approved by the bankruptcy court overseeing UAL's restructuring, the PBGC will terminate and become trustee of the company's four pension plans and the agency's claims against the company would be settled.
Standard Life has increased exposure to risk assets in three out of five funds in its Active Plus and Passive Plus workplace pension ranges.
Some 48% of employers are unaware of the services or help they offer to members of their defined contribution (DC) schemes, according to Aon.
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