A trio of powerful UK industry groups have called on European Commission head, Jose Manuel Barroso, to think again before ratifying radical European pension proposals that could see companies collapse and jobs lost.
The National Association of Pension Funds (NAPF), the Confederation of British Industry (CBI) and the Trades Union Congress (TUC) jointly penned a hard-hitting letter outlining the destructive impact they believe the new rules would have.
‘By demanding dramatic increases in funding from employers, the commission’s plans would – at best – force all remaining defined benefit schemes to close and – at worst – push many businesses into insolvency, leading to significant job losses,’ it read.
More details are available from the NAPF.
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