Pensions

The Government has cut future pensions for public sector workers by saying that entitlements will be upgraded for inflation only by the consumer price index (CPI) instead of the retail price index (RPI). The apparently fiddly adjustment will lose some pensioners 20% or more of the value of their pensions. The same indexing problem applies to £294 billion worth of index-linked government bonds. A regular government bond of £1000 running for, say, ten years, entitles you to £1000 in ten years’ time plus twice-yearly interest payments. An index-linked bond pays back £1000 plus ten years’...

On 26 November, National Air Traffic Services (NATS) staff were faced with a grim announcement from management: their Defined Benefit pension scheme was in deficit to the tune of £1bn, and threatened to bring down the company (again). Part of the solution is a change from RPI to CPI, following the well-worn path of the public sector. In a letter sent to the homes of all 4,500 employees, the CEO assured members that there will be “measured and proportionate contributions from all stakeholders”, though no details have been given as to how any other party is to contribute. Despite management’s...

An industrial bulletin for Tube workers, by Tube workers. This issue discusses the fight against job cuts, the Tube Lines maintenance and engineering workers' strike for pensions and travel pass equality, and your local and workplace stories. Click here to download PDF.

Written by Tube workers for Tube workers, this special issue discusses the Tube Lines strike for pensions and travel equality. Click here to download the PDF.

An industrial bulletin for workers at Lambeth Council, featuring articles on the fight against playground closures, the pensions battle, and police racism. Click here to download PDF.

I am in a local government Unison branch which has a firm branch position of opposition to the pension offer currently on the table. The deal is not that different to what was on offer prior to our industrial action on 30 November. We will all be working longer, paying more, and getting less. How has our union ended up recommending acceptance, and indeed threatening any branch that has a different position? The undemocratic way in which this has been handled has shocked many ordinary members and reps and given us all a lesson in the nature of bureaucracy and the lengths they will go to silence...

“If I’m being held by terrorists who are threatening to kill me, for f**k’s sake don’t send in any ASLEF negotiators.” - Anonymous messroom wit Sabotage by three ASLEF full timers killed off the pension dispute on East Midlands Trains. Hours before the Olympics were due to start, they suspended strikes set to take place during the games so that the Executive could consider another deal they had negotiated. The clincher, according to District Organiser Richard Fisher (one of the negotiating team), in a document entitled Informal Summary Of EMT Pensions Dispute (ISOEPD), was a new agreement on...

On Sunday 17 June, the local government conference of the public sector union Unison voted for a ballot of members over the new local government pensions deal. After six months of silence while negotiations with government were underway, Unison leadership is now encouraging its members to accept a deal which involves working until 68 and accepts a switch to a career average (rather than final salary) scheme. The ballot will run from 30 July-27 August, during the school holidays, when many Unison workers will be away from the workplace and unable to discuss the issue collectively. 22 emergency...

Workers employed by car manufacturer Ford across the UK struck on Monday 18 June in a battle against pensions cuts. Bosses want to close the company’s final salary pension scheme to new starters and move them onto a career average scheme, as well as cutting pay. Unite officer Roger Maddison said: “Our staff members will not stand by and allow Ford to create a two tier workforce on pay and pensions. To date Ford has failed to make any genuine attempts to resolve this dispute. Unless there is a last minute change of heart from the company Ford faces a national strike this Monday. “We fiercely...

On 8 June the Congress of the lecturers' union UCU passed a resolution which included the following call for a joint meeting of pension-dispute union executives. So far in the dispute, union leaders - especially leaders of the unions with more of a left-wing reputation - have stressed cross-union unity again and again. But the agreements between unions on joint action have all been negotiated at general secretary level, and then presented to union Executives - let alone to members - as done deals (or lack of deals, supposedly justifying suspension or delay of action). Activists in other unions...