UK - Finance unions Unifi and Amicus have merged and warned employers not to attempt to "whittle away" pension entitlements.
A ballot of Unifi members showed 91% were in favour of the merger. The combined union will have around 200,000 members within the financial services sector, equivalent to two-thirds of all trade union members in the industry.
Unifi general secretary Ed Sweeney – speaking at the union’s annual conference – warned companies against slashing members’ benefits while enjoying massive profits.
“By combining the resources of these two great unions, we can represent members’ interests much more forcefully.
“There are huge challenges in front of us. Pension entitlements are constantly being whittled away without justification, except the inevitable cost-cutting in organisations that are delivering record profits.
“Our members have voted by an overwhelming majority and we will deliver. Together we have resources, we have opportunity and we have the desire to improve the work experience for thousands of finance workers.”
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.