Unite, Britain's biggest union, has expressed anger over AXA's plans to close its defined benefit pension scheme and transfer 2,300 staff to an inferior defined contribution scheme.
AXA has told staff that it will embark on a 60 day consultation period over its plans. The union has already put forward a number of alternatives but so far AXA has rejected them all. Unite has vowed to challenge the company's plans and has not ruled out an industrial action ballot to put pressure on the company to think again.
Unite national officer, Dominic Hook said:
“The move to end the defined benefit pension scheme at AXA is appalling and it's unjustified. Long serving staff now face the prospect of having to work an extra 5 years to get the same level of pension and puts all the investment risk on to the staff.
"Unite will use the 60 day consultation process to challenge these proposals and express our members' anger over these plans. The decision by AXA is unacceptable and industrial action will be among the options being discussed with members, if AXA refuses to reconsider its proposals."
Contact Ciaran Naidoo on 07768 931 315
Notes to Editors:
Unite is Britain and Ireland’s largest trade union with 1.5 million members working across all sectors of the economy. The general secretary is Len McCluskey.