Property News · September 27, 2016

BMW to shut final-salary pensions of 5,000 staff in Britain


Unite union vows to fight ‘tooth and claw’ car maker’s switch to defined-contribution scheme after it posted record profits German car giant BMW has revealed plans to shut its two final-salary pension schemes for 5,000 staff in Britain – prompting the country’s biggest trade union, Unite, to say it will fight the proposals “by whatever means possible”.The company, which made pre-tax profits of more than €9bn (£7.8bn) in 2015, intends to close its two defined-benefit pension schemes to future contributions from June 2017, and shift workers over to its less generous defined-contribution pension scheme. Continue reading…

Source : theguardian.com
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