Socialist Worker

Unite’s Barclays bank pensions sell out

by Barclays worker
Issue No. 2174

The Unite union is recommending that its members at Barclays bank vote to accept the closure of the final salary pension scheme to existing members in a consultative ballot.

Though the union has secured improvements in the transfer to a defined contribution pension scheme, it has previously committed itself to “fighting to maintain a defined benefit pension scheme for our members”.

The union has now gone back on this commitment.

Workers are angry that this is taking place while the bank is making billions in profits – and the final salary pension scheme for the highest paid 1,000 staff is left open.

It is a disgrace that the union is making this recommendation.

A massive 92 percent of Unite members in Barclays voted in favour of holding an industrial action ballot to defend some form of final salary scheme.


The union has betrayed these workers and severely weakened its position with the employer for future negotiations.

The Unite executive committee must intervene to stop this. Members in other branches must inundate the union with motions attacking the decision.

And members of the Barclays Unite national committee who voted against this decision must now speak out against it.

The partnership agreement between the union and the bank needs to be ended and the union must become independent and willing to fight for its members’ interests.

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Article information

Tue 20 Oct 2009, 19:31 BST
Issue No. 2174
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