According to the report published by Amicus, fears for the safety of occupational pension schemes are creating new mood of militancy in British workplaces. 90% of union representatives questioned said that they and their colleagues will strike if their employer attempts to change their pension scheme or reduce their contributions just to save money.
99% employees believe that Final Salary schemes are the only way to guarantee an adequate income in retirement with 83% believing that employers are targeting these schemes as their main vehicle for cost cutting. 97% thought that the new generation of working people will have inferior pension income and may have to work longer or take out expensive and risky private pension schemes.
The union believes money purchase schemes have been discredited by the poverty of employer offerings. Amicus sponsored actuarial work, also published today, indicates that a typical money purchase scheme will generate a pension around 40% lower at age 60 than a typical final salary scheme.
Amicus has been seeking action from Ministers to protect pension schemes and income including, pensions being brought within the scope of contracts of employment, established as being covered by trade union recognition and negotiating procedures and protected in TUPE business transfers.