Staff face working extra five years to receive same level of pension

Tim Lezard

AXAUnite members at AXA have threatened strike action after the company announced 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 rejected them all. Unite has vowed to challenge the company’s plans and has not ruled out an industrial action ballot to persuade 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 five 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 refuse to address their anger.”

 


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Tim Lezard

Campaigning journalist, editor of @Union_NewsUK, NUJ exec member; lover of cricket, football, cycling, theatre and dodgy punk bands

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