Trade union Amicus is campaigning against Prudential’s decision to close three offices in Belfast, including its admin office, and move jobs to India.The union claims that Pru’s decision, which it believes could lead to the loss of around 500 jobs in Belfast, is an act of corporate irresponsibility. Union members paraded a “Prunocchio” puppet outside the Prudential annual general meeting in London last month to demonstrate Amicus’s belief that the decision to close the offices and move jobs to Mumbai highlights Pru’s lack of commitment to the UK. Amicus argues that the life and pension provider received a 2m Government grant to create and maintain the jobs in Belfast. Pru says consultation is ongoing and that phased closures will run from 2006 to 2007. It expects one-third of jobs to transfer to Mumbai. Amicus national officer David Fleming says: “This is clearly an act of corporate irresponsibility by the Pru. Amicus and Pru staff are demanding the Pru to think their decision through.” Prudential head of public relations issue management Steve Colton says: “It has yet to be established how many jobs will have to go and the consultation is still in the early stages.”
I was disappointed by Ian McKenna’s review of wrap offerings in the e-commerce supplement. He does not distinguish between platforms which offer a wide range of investment funds, such as Cofunds, and true wraps, such as Transact, that allow any investment as long as it is quoted on a stockmarket. There is a world of […]
The Association of British Insurers has accused the FSA of performing a U-turn on RU64 after it postponed a decision on whether to scrap the rule. The FSA’s move, prompted by uncertainty in the run-up to the implementation of the national personal accounts scheme, has come as a blow to the industry after the FSA […]
What a week for pensions. Not even pictures of John Prescott playing croquet in the garden of his grace and favour home could stop pensions stories from getting top billing in the papers last week.
Company pension costs will escalate by 8bn within eight years if the Government goes ahead with its proposed reforms, says Aon Consulting. It says the national personal accounts scheme will add a further burden on businesses which are struggling under the funding requirements of The Pensions Regulator. Aon estimates that a further 2.3bn in pension […]
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