GMB Members In Thames Water To Stage Protest At Reading On Saturday 31st May Over Cuts In Pension Scheme
Thames Water has reneged on pension promises made at the time of privatisation robbing members of their hard earned pensions says GMB.
GMB members with Unite and Unison members are holding a demonstration on Saturday 31st May outside the Reading based head office of Thames Water in protest at cuts to the employee’s pension scheme.
The Company axed up to six thousand pounds a year off employer contributions and no longer allow members to pay contributions on allowances and overtime.
Thames Water is owned by the Australian Macquarie group, Abu Dhabi Investment Authority, China Investments Corporation and BT pension scheme.
The details of the protest are as follows:
Outside Thames Water Head Office
Reading RG1 8DB.
Mick Ainsley, GMB Regional Officer, said “Thames Water has reneged on pension promises made at the time of privatisation robbing members of their hard earned pensions.
Mr Baggs Chief Executive claims that Thames Water can no longer afford the pension scheme. The Company axed up to six thousand pounds a year off employer contributions and stopped members paying contributions on allowances and overtime.
UK water companies over the last 6 years have made over £11billion in profits paying £9billion to their shareholders. Last year Thames Water were accused of not paying corporation tax on their £550 million profit.
According to press reports Mr Baggs own basic salary of £450,000 rose by 5.9% plus £274,000 in bonus payments and a further £366,000 in shares under the companies long term incentive plan.
GMB cannot take seriously Mr Baggs unsubstantiated claims that our member’s pensions are unsustainable while he and Thames Water shareholders can cream off vast profits.
Thames Water claim to be saving £2million a year on a turnover of £1.8billion. While this is a drop in the ocean to them it will take many thousands of pounds out of the pockets of the workers who have given their whole working lives to the water industry.”
Contact: Mick Ainsley on 07974 250947 or GMB press office 07921 289880