|
21-Jul-08 11:15 [Pensions]
Trade unions 'disagree with PFIs' Trade unions want the Local Government Pension Scheme (LGPS) to stop investing in private equity funds, it has been revealed.
News resource the Daily Mail, revealed that trade unions have claimed that the LGPS should stop trying to make a "quick buck" by funding private finance initiatives (PFI) with £125 billion budget.
The website added that unions believed this investment is directly affecting pay and employment as costs have to be cut to add to these initiatives which include contributions to schools, hospitals and public facility management.
Speaking to the news provider, an unnamed source from the unions said: "When local authority pension funds invest in private equity funds, they are helping to reduce the living standards and job prospects of their own members."
At the beginning of the month, Public Private Finance reported that trade unions were pressing the Treasury to include the effects of PFIs on public sector pay and conditions in its upcoming survey of such projects.
Please click here for more UK employee pension news
The last 12 months have proven to be a very painful time for pension funds in Ireland, according to an investment consultant service's research this week.
Find out more>
In response to a worsening situation on the high street, major retailer Marks & Spencer (M&S) has announced 1,200 job cuts and big changes to the current final salary pension scheme they offer.
Find out more>
The value of the hours of unpaid overtime in the UK is £26.9 billion, according to the Trades Union Congress (TUC).
Find out more>
|
