UK - Royal Bank of Scotland is to cap future increase in pensionable pay to 2% a year or the rate of inflation, which ever is lower.
Union Unite described the plans as a "body blow" to its 60,000 staff. The bank's defined benefit scheme was close to new members in 2006.
The company is also proposing to reduce the severance terms for those workers over 50 who choose to take an immediate pension.
The union's senior representatives at the bank will meet this today to decide the most appropriate course of action to take in response.
National officer Rob MacGregor said: "This is a body blow to tens of thousands of staff working at RBS. The company intends to cap pensionable future pay rises and promotions at 2% which will erode workers' pensions over time.
"Unite will support its members in any action they choose to take to defend their pensions. The union will be meeting again with RBS and we expect there to be meaningful negotiations over these changes."
Earlier this year RBS faced heavy criticism for awarding disgraced former chief executive Fred Goodwin a £703,000 (US$1.1m) a year when he left the bank. He later agreed to lower his pension income to £342,500 a year.
MacGregor added: "Against the backdrop of Sir Fred Goodwin's bumper pension these planned changes add insult to injury to the workers paying the price for a crisis for which they hold no responsibility.
"RBS staff, who already face great uncertainty in the face of major job losses, now face a future with severely reduced retirement benefits."
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