DIAGEO PENSIONS DISPUTE

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 to new starters, without consultation, the final salary scheme closed completely, 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.