UK - Amicus is to begin a ballot of its local authority pension scheme members over proposed changes to their scheme - less than a year after the same members voted 7-1 in favour of strike action.
That strike was postponed after the government agreed to take another look at the plans, but Amicus said the current proposals were “as detrimental as the original ones” and would have a “devastating effect” on public sector workers expected incomes in retirement.
The ballot was issued yesterday and voting will close on 6 March The union has called on its members vote in favour of a strike. Amicus national secretary for local authorities John Allott said the union’s local authority members had responded decisively before to the question of what they are prepared to do to defend their pensions.
“They have already threatened resort to industrial action to defend their pension entitlement and their age of retirement and we as a union will do everything we can to support them in the fight,” said Allott. He also stressed that the public should not view these people as closeted civil servants. “They are hard working local authority employees, some of who earn as little as £12 000 a year in physically demanding and stressful jobs at the front line of our public services and their local government annual pensions averages just £3 800 a year.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.