The UK's largest manufacturing union, Amicus this week announced plans to mount a legal challenge against the government of the United Kingdom before the European Court of Justice (ECJ), for failing to protect the pensions of workers at insolvent companies.
According to a Financial Times report published yesterday, the union believes that the government is not living up to its obligations under the EU's Insolvency Directive, and is calling for the establishment of a central discontinuance fund to take over insolvent pension schemes and compensate affected employees.
The FT went on to reveal that, speaking at a conference in London on Thursday, joint general secretary of the manufacturing union, Roger Lyons urged Chancellor Gordon Brown to boost tax breaks for pension funds, and argued that employees should be obliged to contribute 5% of their salary to pension schemes, and employers 10%, in order to safeguard their future.
He added that employers should not legally be able to change pension arrangements for their employees without consultation.
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