UK - Amicus have accused WH Smith of recouping its 6% Christmas trading shortfall from employees' pensions and wages.
Amicus national officer Ann Fields was in no doubt over the company’s actions: “This is how WH Smith rewards its employees, driving down costs by reducing pensions and keeping pay close to minimum wage rates.”
The company announced its results this morning, which showed that in the seven and 20 weeks to January 20 2007, trading was down 6% overall on last year.
WH Smith media relations officer Sarah Heath dismissed Amicus’ claims: “The trading figures reflect a changing focus of our business by reducing our reliance on entertainment.
“Profits are up on last year and we are committed to fill the pension fund deficit for our staff.” Heath added.
This follows a recent statement on pension arrangements from WH Smith. The company has reduced its pension fund deficit over the past four years from £282m to £41m.
Heath said changes to the scheme would see the labour force receiving the same treatment and benefits across the company.
But Fields remained unconvinced: “Low paid, hard working employees will find no comfort in the latest figures as they already face the prospect of the company slashing their pensions to shreds.”
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.