UK - Unions want new laws which would force firms to consult with employees before any changes could be made to company pension schemes.
Amicus general secretary Derek Simpson said this would prevent firms from imposing cost hikes “while keeping scheme members in the dark”.He said: “Full pension consultation rights would mean that companies would have to treat their employee members as real partners, take notice of their concerns and come to amicable agreements.”
TUC general secretary Brendan Barber agreed.
He said: “The TUC promotes a constructive relationship between employers and trade unions that provides for true consultation and involvement as the optimum environment for high performance working.”
Occupational pension provision has continued to grow in value, but there remains large variance in incomes across the pensioner age group, according to latest government data.
Defined benefit (DB) schemes could have an aggregate surplus by 2021 under Pension Protection Fund (PPF) projections, its strategic plan for 2018 to 2021 reveals.
Investment consultants are failing to recommend products that outperform net of fees, the Competition and Markets Authority (CMA) has said as its investigation into the market continues.
This week's top stories included coverage of the much-anticipated defined benefit (DB) white paper and the sector's reaction.