United Utilities, united action
- Sarah Owen
- Mar 20, 2018
- 2 min read
A very successful GMB organised meeting of United Utilities workers and Labour North West MPs, recently took place in Parliament.
The delegation of union members and reps from United Utilities explained to MPs the scandolous situation where their pensions are being cut, amidst fears over the future of the company, at the same time as the fat cats at United Utilities rake in £millions of profits and grotesque levels of corporate pay.
The proposed pension changes which United Utilities will change the present Defined Benefit Scheme into an Hybrid DB/DC Scheme from the 1st April 2018. It will have a devastating affect on the membership of the GMB, Unite, Unison and Prospect Trade Unions and their families.
These changes will mean that a member of the Defined Benefit Scheme aged 60 earning £30,000 now, will at SRA of 66 on the Hybrid Scheme receive on average £2,500 per year less than they would receive under the Defined Benefit Scheme. A member of the Defined Benefit Scheme aged 40 earning £30,000 now will at SRA 66 on the Hybrid Scheme receive on average £9,000 per year less than they would receive under the Defined Benefit Scheme.
All the while these workers and pensioners lose out, the company is lining its pockets; United Utilities have over the last 5 full financial years made after tax profits of nearly £1.6 Billion. Similarly at the top of United Utilities, they have paid out £1.26 billion in shareholder dividends in the same 5 year period and paid its CEO £2.3 Million and its CFO £1.41 Million in 2016/17 alone.
A big thanks to the Labour NW MPs who attended. It was very encouraging to see them rightly angry that their constituents were literally being stolen from in this way. They have committed to working with us to get answers and fight for a better deal for workers and our members at United Utilities.
This issue has also been raised with the Shadow Chancellor so that this type of corporate greed, the exploitation of workers and cuts to their basic benefits as well the complete lack of public accountability that they enjoy, can be stopped and prevented from ever happening again.
