RBS announced on Tuesday that it is planning to cap increases in the pensions of over 60,000 workers. The bank, which is now 70 per cent state-owned, announced a series of proposed changes to the main final-salary scheme. These included capping the amount of salary increases that is pensionable to 2 per cent a year or the rate of inflation (whichever is lower) aand reducing the lump sum payable on retirement. The changes are expected to be completed before the end of November.
Solidarity President, Adam Walker, commented:-
"The changes will erode the pensions of thousands of staff working at RBS over time if implemented. Workers must fight to defend their pensions."