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Aerospace Giant's £40million Pension Fund 'Disappears'

Friday, March 17, 2017

 

GKN Filton refuses to let members speak to union despite £1,000s potentially being slashed from their retirement fund.

GMB, the union for aerospace workers, has reacted with fury after GKN Filton’s £40million pension fund disappeared – potentially wiping £1,000’s off members’ retirement fund.

The union was forced to hold a meeting with members outside the company’s offices in Bristol after bosses refused to allow staff to meet their reps.

Members were angry with proposed changes to their final salary pension scheme which could cost individuals thousands of pounds.

GMB members raised serious concerns about the disappearance of a £40 million contingency fund which was agreed as part of the transfer of Airbus members into GKN.

Martin Hird, GMB Senior Organiser, said:

“GMB members are rightly angry and frustrated that GKN denied our request to hold workplace meetings with members, forcing them to gather outside the gates during their lunch break.

“This is particularly outrageous given the serious impact the proposed changes to the final salary pension scheme.

“These changes could have a terrible effect on individuals' pension entitlement - not forgetting that pensions are deferred pay.

“The fact GKN refuse to explain what has happened to their pension contingency fund is scarcely believable.

“How can £40million just disappear?

“GMB will continue to fight on behalf of its members to protect their GKN pensions.”

ENDS

Contact: GMB press office on 07958 156846 or at press.office@gmb.org.uk
 

 

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