03 February 2009
Concerns are growing that the current economic climate could
lead to companies cutting pension contributions in a desperate
attempt to stay afloat. TUC General Secretary, Brendan Barber said:
"Cuts in employer contributions to defined contribution pension
schemes are nothing more or less than a cut in wages and will meet
with an immediate and robust response from unions.
"However, Ros Altman believes that cuts are inevitable, saying:
"Pensions is a large part of your labour costs but it might be less
painful for employers and workers themselves to cut those costs
than making people redundant or reducing wages."
