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Barclays workers in strike ballot Barclays workers in strike ballot
(40 minutes later)
Workers at Barclays are to be balloted for strike action over the closure of its final-salary pension scheme to existing members, the Unite union said.Workers at Barclays are to be balloted for strike action over the closure of its final-salary pension scheme to existing members, the Unite union said.
The ballot will be held in August, with potential industrial action taking place across the bank in September.The ballot will be held in August, with potential industrial action taking place across the bank in September.
Unite said workers were "incensed" at the proposals. In a consultative vote, 92% of staff said they wanted to be balloted on industrial action.Unite said workers were "incensed" at the proposals. In a consultative vote, 92% of staff said they wanted to be balloted on industrial action.
A Barclays spokesperson was not immediately available for comment.A Barclays spokesperson was not immediately available for comment.
Any strikes would "significantly impact" the bank's operations, the union said.Any strikes would "significantly impact" the bank's operations, the union said.
A string of major companies have been closing their final-salary schemes because of the rising cost of funding them.A string of major companies have been closing their final-salary schemes because of the rising cost of funding them.
Over recent years, this has been for new members, but more recently the closures have also affected existing members.Over recent years, this has been for new members, but more recently the closures have also affected existing members.
'Betrayal''Betrayal'
Turmoil in the financial markets has pushed many pension schemes into deficit.Turmoil in the financial markets has pushed many pension schemes into deficit.
FINAL-SALARY PENSION SCHEMES Final-salary pension schemes promise to pay a retirement income based on a percentage of your salary every year for the rest of your lifeThe amount you get depends on how long you have spent working for your employer and how much you were earning at the time you gave up work - your final salaryThe sum is typically between a half and a third of your salaryRevenue and Customs rules allow members to build up a pension equivalent to two-thirds their final salary The end of final-salary pensions?FINAL-SALARY PENSION SCHEMES Final-salary pension schemes promise to pay a retirement income based on a percentage of your salary every year for the rest of your lifeThe amount you get depends on how long you have spent working for your employer and how much you were earning at the time you gave up work - your final salaryThe sum is typically between a half and a third of your salaryRevenue and Customs rules allow members to build up a pension equivalent to two-thirds their final salary The end of final-salary pensions?
Barclays said last month that it plans to shut its scheme to existing members, affecting almost 18,000 staff.Barclays said last month that it plans to shut its scheme to existing members, affecting almost 18,000 staff.
"It is unacceptable that Barclays are proposing this unilateral change to workers' pensions. Unite members will not stand by as their employer rides roughshod over their retirement security," said Derek Simpson, joint general secretary of Unite."It is unacceptable that Barclays are proposing this unilateral change to workers' pensions. Unite members will not stand by as their employer rides roughshod over their retirement security," said Derek Simpson, joint general secretary of Unite.
"The long-serving and dedicated workforce view this pension proposal as a betrayal by their employer."The long-serving and dedicated workforce view this pension proposal as a betrayal by their employer.
"The forthcoming ballot within Barclays will send a strong message to private sector employers across the economy. Unite will not accept businesses using the economic downturn as a means to erode the important terms and conditions of our members.""The forthcoming ballot within Barclays will send a strong message to private sector employers across the economy. Unite will not accept businesses using the economic downturn as a means to erode the important terms and conditions of our members."
Unite represents more than 25,000 Barclays workers.Unite represents more than 25,000 Barclays workers.
Rising deficitsRising deficits
In June, Barclays chief executive John Varley told staff in a letter that the bank's pension fund deficit was worsening and the move was best for its staff and its pensioners.
Barclays' UK Retirement Fund, which includes its final-salary fund, had a deficit of £2.2bn at the end of September, compared with a £200m surplus just a year earlier.
The shortfall in the UK's 7,400 defined-benefit schemes, including final-salary pensions, stood at £200.1bn at the end of June, according to the Pension Protection Fund (PPF).The shortfall in the UK's 7,400 defined-benefit schemes, including final-salary pensions, stood at £200.1bn at the end of June, according to the Pension Protection Fund (PPF).
The number of schemes in deficit in June stood at 6,461, up from 6,389 schemes in May.The number of schemes in deficit in June stood at 6,461, up from 6,389 schemes in May.
A year earlier, the schemes had a surplus of £13bn, according to the PPF, but funds have been hit partly because of falling investment returns and partly because people have been living longer.A year earlier, the schemes had a surplus of £13bn, according to the PPF, but funds have been hit partly because of falling investment returns and partly because people have been living longer.