Massive industrial action could be underway if electricity companies decide to cut pension scheme benefits for their employees, under pressure from the electricity industry regulator Ofgem .
The Union Prospect is fighting on behalf of 21,000 members in the energy sector. Ofgem are reportedly trying to lower pension costs despite a recent review. Defined benefits schemes in the industry are protect by guarantees, but all schemes are closed to new members.
Mike Clancy of Prospect reportedly commented: "Ofgem displays an attitude that is anti-defined benefit schemes. If the benefits were over-generous it would be a different matter, but on [Ofgem's] own evidence these are properly run schemes. There are much bigger issues to be concerned about, such as the ageing energy infrastructure, skills shortages and safety issues."
Pension cuts will prompt strikes
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