Theresa May, WHEN will you act to stop 'pension abuse' ? When it's too late?
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Hugely profitable companies are putting their workers on almost the worst pension deals legally required. Workers at some of the UK's largest employers will or have already been affected, these include Royal Mail, BT, BMW and British Airways amongst others. You may or may not agree that final salary pensions are too expensive, however, many companies closed these schemes to new employees years ago but now, having seen how much money they can save, many companies are now closing these schemes to further accrual for existing members and moving employees onto far inferior plans where the employer contributions are low and the pension terms are hugely less favourable. All of these changes will have a huge effect on thousands and potentially millions of hard working employees who have planned for their retirement. Negotiations over these changes are far from transparent.
Theresa May you have vowed to stop private sector 'pension abuse' and to put a stop to 'executives who try to line their pockets'. It seems though that this only happens when companies go into liquidation as in the case of BHS and Carillion.
Do you think major shareholders and top company executives are affected?
The issue of poor pension plans for all is as much of an issue even when the companies are solvent.
Many employees are bullied into deals that are far less favourable with companies using fear as a negotiating tool. Who in their right mind would vote to close a final salary scheme without enough compensation?
Many of these companies are making huge profits and could, even if you concede that final salary schemes are not viable, choose a better deal for their workers, a better compromise instead of opting to do almost the minimum required. So often in this country and the world as a whole, the rich are protected and the poor get poorer. It seems whichever way you turn, the ordinary person on the street is prevented from enjoying financial security.
This divide continues to grow and you really must do something about it.
Theresa May, my question is, WHEN will you do something about our pensions? Is it only when companies go into liquidation or when all of these deals are done? When it is too late for all of us?
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