Friday, 26 October 2007

Telent, Marconi & GEC Pensions

The obligation to pay off defecits in order to close a pension scheme has given some comfort and protection to employees in many companies. The trend to sell pension schemes to finance companies is now beginning to undermine this.

Telent is the current name for what's left of the services part of what was Marconi. Despite massive job losses over recent years, it still employs about 2000 people in the UK - a mixture of engineers based in the field and sites in Coventry, Lancashire and London.

On 25th September it was announced that Telent had been bought by "Pension Corporation", based in Guernsey.

Fears are now rising that the new owners may try to raid the pensions of current Telent employees, as well as pensioners who worked for Marconi and GEC in the past. UNITE is lobbying MPs representing the workers and pensioners.

Let's hope that big business hasn't found yet another way of transferring assets from working people to themselves!

1 comment:

John Gray said...

I assume you have seen this