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Workers strike over scheme

The growing trend of workers taking industrial action in their fight to defend final-salary schemes has spread to Birmingham, where workers at the Yuasa Automotive Batteries (Europe) plant walked out this week.

The strike came after a decision by the firm&#39s management to close its final-salary scheme to existing members. The scheme was closed to new entrants in 1994. The Transport & General Workers Union says 89 per cent of employees voted for the series of weekly one-day strikes.

Last month, steelworkers at the Caparo plant in Wrexham went on strike to protect final-salary pension rights.

T&GWU regional director Eric McDonald says: “Our members have given the company many years of loyal service, paying into a pension scheme that they will rely on in their retirement. Their loyalty has been totally disregarded by this announcement and we will do everything to see it is reinstated.”

Bates Investment Services head of pensions James Jones-Tinsley says: “People are becoming more pension-literate. They now know the potential value of these schemes.”


Absence and sensibility

Many employers and some advisers view group income protection simply as a way of offsetting the cost of paying a long-term absentee. But it is worth bearing in mind that the probability of becoming seriously ill or disabled increases with age and employers will need to address this.This market will offer potential to IFAs as […]

Plan to protect pension rights

A future Tory Government would consider introducing an insurance scheme for occupational pensions to protect employee rights in the event of companies going bankrupt.Speaking at a fringe meeting at the party&#39s conference in Bournemouth, Shadow Work and Pensions Secretary David Willetts said the idea had a degree of merit as occupational pensions are one of […]

MM staff honoured in ABI awards

Money Marketing won the award for life insurance and pensions trade publication of the year for the second time running at the ABI&#39s annual Financial Media Awards last week.The ceremony at the Royal Lancaster Hotel in London honoured both past and present MM staff, with former deputy news editor Rachel Stevenson, now with the Independent, […]

People prefer paradise to a palace as their dream home

Posh and Becks&#39s mansion, labelled Beckingham Palace, has been named one of the UK&#39s most desirable residences in a survey by Abbey National.Its Dream Home survey of 1,000 people carried out last month asked what home people would choose to buy if they won a big jackpot on the lottery.In response, 13 per cent said […]


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