date: Sep 8 2002 embargo: 00:01 hours Monday Sep 9

Attention: industrial, political, personal finance

CBI/Mercer survey confirms pensions crisis - 113 companies are considering closing final salary schemes.

The flight from final salary pension schemes is confirmed by today’s CBI/Mercer Employment Trends Survey published today.

The survey reveals that out of the 940 firms surveyed 225 have already shut their final salary pension schemes and 113 are considering doing so.

John Monks, TUC General Secretary said:

'Of course we praise the companies who are sticking with their pensions promise, but the news that more than a hundred further companies are actively considering closing their final salary schemes is further evidence of Britain’s growing pensions crisis.

'What is worse is that the vast majority of these companies appear to be keeping their staff in the dark about their plans, as unions are not aware of that many companies planning to close their schemes. The survey is however bound to cause uncertainty in many workplaces this morning.

'Perhaps inadvertently, the CBI have underlined the importance of two major issues to be discussed at the TUC later today - pensions and the need for information and consultation rights for staff.'

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Press release (400 words) issued 9 Sep 2002