The work and pensions secretary Esther McVey has been urged to intervene to protect the pensions of over 200,000 current and former Barclays staff as the UK bank reorganises its pension scheme.
Concerns have been growing from the bank’s members over the decision of Barclays to transfer responsibility for pensions to the international and investment banking arm of the company, the Times reports.
Former employee Ian Simpson, who worked at the bank for 31 years in human resource says: “It would appear that our pension fund is being dumped into the ‘casino bank’.”
He said communication over the change was“incredibly opaque (at best) and downright misleading (at worst)”.
Barclays will separate its retail bank business from the investment banking by setting up a new ring-fenced bank in April 2018 to meet new regulation.
However, Barclays’ final salary scheme, the Barclays Bank UK Retirement fund will be moved to the investment bank after 2025.