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.”
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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