Fujitsu Services shuts final salary pension scheme
The union Unite has condemned the decision by Fujitsu Services to shut its final salary pension scheme. The scheme was closed to new entrants in 2000, but the company will now start a 90 day consultation with the 4,000 staff who are still members from today. Peter Skyte, Unite national officer, said: “Fujitsu Services is a …
Worked as a contractor for Fujitsu - one sad company wasting so much money on sound bites and fake news stories that they forget about the people who do the coal face work.
The permanent staff were on such silly low wages.
You cannot take away someone's pension after you have employed them, your pension is part of your pay. It is not a bonus, it is not a nice to have, people need to know that they will get what they have paid for when they retire. This is regardless of it being a contributory scheme or not, you still pay for it because it's part of your remuneration package.
I wonder if the execs are in their own scheme?
Not sure what Fujitsu is trying to accomplish lately, apart from taking its staff to the cleaners. Clearly they expect staff to swallow the many bitter pills of late given the current economic conditions.
This is a (joke of a) company who is supposedly proud of its "Investor In People" status. Not quite sure what they have "invested in" in, to be honest: poor pay, worsening conditions, staff relations in state or warfare and penury in retirement seems to cover it. Go Fujitsu!
4,000 staff and a highly profitable company and made £177m profit in the last financial year, and they can't manage the fund to ensure a pension for their workforce????? They can't "manage the pension risk."........
Oh hang on; now I get it, the risk is that the fat cat management won't get their bloated pensions....
My father retried from Fujitsu Services last year, seems like it was prudent of him to do so, final salary pension intact and having stored up a lot of the bonuses in savings. Pity that they now feel the need to retract their original pension policies, but I guess the true cost of final salary pensions was even more overwhelming than they originally thought when they removed the scheme. The cost of people cashing out and now their realisation that some are still waiting to do so must have been a wake-up-call they neither wanted nor expected.
In your general moaning about Fujitsu in recent weeks you "forgot" to mention that bonuses ARE to be paid this year, so cut some slack huh
bloody doom and gloom merchants.... :)
Cut them some slack? Are you serious? Who cares if a bonus is being paid if you can't rely upon your retirement wage? Do you even understand what a pension is?
Of course it wasn't that long ago - before bankers started hoovering up what little cash Gordon Brown had left - that companies running final salary schemes were able to take contribution holidays because their pension funds were so healthy... That isn't possible with defined contribution schemes, so presumably next time there's a boom they'll all be opening final salary schemes again...
I can only confirm it has all gone to shit. I've never seen a company pour so much money down the drain - and then stiff the workers who made most of that money for them... Too many chiefs with their snouts in the trough, and definately not enough Indians. If it wasn't for the 'economic crisis' and lack of jobs in my area, I would've been gone from this farce of a company long ago...
