Pensions crisis could haunt Government warns Usdaw

The Government must step in to halt the exodus from final salary schemes, otherwise it will end up footing the bill if millions of workers retire into poverty, shopworkers union Usdaw has warned

General Secretary Bill Connor told the Labour Party Conference today: "It's strange how in some cases companies manage to keep their final salary scheme open for their executives.

"Yet they are quite happy to see their lower paid employees condemned to a retirement in poverty.

"We need the Government to intervene in this pensions crisis. Don't let the employers get away with it.

"Make no mistake, employers' contributions to pension schemes are deferred pay.

"If the employers don't cough up now, then the tax payer will have to when those workers retire."

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© 2003 (USDAW) Union of Shop, Distributive and Allied Workers
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