Diageo Pensions Dispute

EDM number 672 in 2016-17, proposed by Chris Stephens on 14/11/2016.
Categorised under the topics of Companies and Pensions.

That this House notes that Diageo closed its final salary pension scheme to new employees in 2005, replacing this with the Lifestyle Plan Pension Scheme; further notes Diageo's announcement that this replacement scheme will now be closed and that a defined contribution scheme will be introduced; notes the company's operating profit is expected to be £2.841 billion for 2016, a 3.5 per cent increase from that in 2015; considers that profits are generated through the hard work of Diageo's workforce and that these new pension proposals are an attack on the terms and conditions of the workers; fears that this proposal is purely a cost-cutting measure; supports the efforts of the trade unions GMB and UNITE to represent their members and secure pensions justice; and demands that the board of directors at Diageo intervene and reverse this proposal.

This motion has been signed by a total of 26 MPs.