Pension warning to equity firms

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Unite said pension schemes should not be used as a source of "ready money" to buy out companies and announced plans to scrutinise how fund managers were investing savings.

Joint leader Tony Woodley said: "We will be taking a long, cool look at where our members' retirement savings are going."

He continued: "We shall not prop up leveraged buyouts where workers are made redundant, factories are closed, and jobs are outsourced or off-shored. Nor will we support poor investment decisions where our members' savings take the hit for reckless, get-rich-quick schemes.

"There will be no blank cheques. If private equity wants our pension money, then they must prove that this money will not help throw workers on the scrapheap while lining the pockets of the equiteers.

"Private equity operates in the mists of secrecy, which is not a culture we want to expose our members' pensions savings to."