The Co-operative Group could face strike action after its decision to close its final salary pension scheme to existing workers.
The group wants employees to join a career average scheme based on earnings throughout the career which could result in many staff receiving lower payouts them they would have under the current scheme.
The group’s plans must now be approved by scheme trustees and a spokesman for the group said that the new plans would not mean a reduction in the amounts of money paid in by the employer.
Reacting to the news the T&G union said that it was angry and disappointed and that it expected calls from members for industrial action.
The group wants employees to join a career average scheme based on earnings throughout the career which could result in many staff receiving lower payouts them they would have under the current scheme.
The group’s plans must now be approved by scheme trustees and a spokesman for the group said that the new plans would not mean a reduction in the amounts of money paid in by the employer.
Reacting to the news the T&G union said that it was angry and disappointed and that it expected calls from members for industrial action.
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