UK - Engineering workers whose pensions were slashed when their firm went into liquidation have held a protest march in London.
Former employees of United Engineering Forgings found that their pension fund was £12m in deficit when it was put into wind-up 18 months ago.
Many of the former employees travelled down from Ayr for the march which stopped outside Downing Street. They were joined by ASW workers also out of pocket after its employer went bankrupt.
This was followed by a rally in Whitehall Place which was addressed by Pensions Reform Group founder Frank Field and Derek Wyatt MP.
The Transport & General Workers’ Union said the government and Prudential – which bought a large slice of the firm in 1999 through its venture capital arm, Prudential Portfolio Management Ventures, and also runs the pension fund – should ensure that UEF workers receive the pension they are entitled to.
Assistant general secretary Barry Camfield said: “It is a scandal that they are being denied access to a pension scheme they have paid into throughout their entire working lives.”
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