Barclays promises pensions rethink after protests

Members of the Unite union protest at a Barclays shareholder meeting over plans to close final-salary pensions.

Barclays is considering enhancing its pension fund following a furious reaction from staff about the decision to close the final-salary scheme to plug a £3.5bn gap.

The chairman, Marcus Agius, told a shareholder meeting today that possible changes might be made as the bank entered the final week of a two-month consultation over the controversial plans for the fund.

Shareholders walked past noisy protesters from the union Unite, which will soon ballot members on industrial action.

Agius responded to a question from a shareholder by admitting that the bank was looking at "what enhancements we can make" to the offer being made to members of the final-salary scheme. Another shareholder suggested putting directors' bonuses into the fund instead.

Barclays announced at the start of June that it wanted to shut the scheme and shift more than 18,000 workers into a cheaper retirement plan.

 

Posted: 07 August 2009

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