The union Unite has condemned the decision by Fujitsu Services to shut its final salary pension scheme.
The scheme was closed to new entrants in 2000, but the company will now start a 90 day consultation with the 4,000 staff who are still members from today.
Peter Skyte, Unite national officer, said: “Fujitsu Services is a highly profitable company and made £177m profit in the last financial year...We will be mounting a robust campaign to persuade the company to think again.”
Fujitsu said it regretted the move but it was a necessary prudent measure to help the company manage the pension risk. It is negotiating with the pension committee and the union Unite.
The decision is unlikely to go down well with staff. Contractors were forced to take a 15 per cent pay cut last month, whilst permanent staff were told in March there would be a company-wide freeze on pay this year after being told all that bonuses had been cancelled last year. ®