Fujitsu, the giant computer and IT corporation, has announced it will close its final salary pension scheme to 4,000 employees.
The company made £177 million profit last year. The news was splashed on the front page of the Financial Times, giving the green light to other companies to rip up their pension schemes.
The Unite union condemned the move and pledged to resist it. It follows the company imposing a 12 month wage freeze, a 15 percent pay cut on contractors and a cancellation of all bonuses.
A third of British companies imposed a pay freeze last month. Some 8,000 workers at the defence research company Qinetiq have had a pay freeze forced on them after the company broke off all talks with unions last month. Unite, Prospect and the GMB unions are now balloting for action.