UK - Co-operative Bank faces industrial action tomorrow (Friday) in a row over pension rights for outsourced staff.
Employees will refuse to work overtime after Co-operative Financial Services – which owns the bank and the Co-operative Insurance Society – announced its decision to outsource its desktop procurement and support services functions to the specialised computer firm, SCC.
CFS says the “small” number of employees affected will lose access to the firm’s £305m final salary scheme and be put into a defined contribution scheme.
But finance union Unifi has questioned the firm’s “ethical” policies and warned that industrial action could escalate.
Unifi officer Andy Colognori said: “It’s bad enough members are to lose membership of final salary pension scheme but the employer contributions to the new scheme virtually ensure staff will receive greatly reduced pensions when they retire.”
But CFS says the move will give staff greater opportunities than could be offered internally.
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.