Hundreds of workers at Airwave are threatening strike action, claiming that Macquarie, the new owner of the police radio business, misled them when it scrapped their “gold-plated” defined benefit pension scheme.

The Communication Workers Union (CWU) took the first step towards industrial action yesterday, after accusing the acquisitive Australian bank of an outrageous handling of Airwave’s pension arrangements. A strikeat Airwave, formerly owned by O2 , would interrupt a critical emergency service. The network allows the various emergency services to communicate with each other.

Two Macquarie-managed infrastructure funds reached agreement late on Wednesday to acquire Airwave from Telefónica, O2 ’s owner, in a £1.9 billion deal.

Macquarie said that the 270 of Airwave’s 750 staff on a defined benefit pension scheme would be transferred, after six months of consultation, to a new defined contribution plan.

A spokesman for Macquarie insisted yesterday that it had “always been clear” about the pension arrangements. It emphasised that accrued benefits would be fully protected.

But the CWU said that it had been “misled” by the bank. The union said it had been informed by Airwave, which was liaising with Macquarie, that no decision had been taken about future pension arrangements.

Grace Mitchell, National Officer at the CWU, said: “We were told that no decision had been made — although we had insisted that the final salary scheme must remain. Though we would hope to get a negotiated settlement, if not, we will have no choice but to take action to secure the pension.”

Airwave, a secure digital radio network with one “push to talk” button, has more than 220,000 users including all police forces in England, Scotland and Wales. It played a critical part in emergency response during the July 7, 2005, bombings in London.

The business, which secured earnings before interest, tax, depreciation and amortisation of £90 million in 2006, went on the blocks late last year after Telefónica opted to cash in on the present feverish demand for infrastructure-style assets. Macquarie fought off about ten other bidders, including BT, for the business.

The disposal of Airwave by the Spanish telecoms group further fuelled speculation about its intention towards Telecom Italia. The group, which is also hoping to raise another €3 billion (£2.03 billion) from the sale of Endemol, the Dutch-based television production company, has been circling the Italian giant for some time and is tipped to make an offer for Olimpia, the holding company through which Pirelli, the tyre group, controls Telecom Italia.

Analysts believe that Telefónica could pay Pirelli, which owns 80 per cent of Olimpia, a price equivalent to €3 a Telecom Italia share.

On air

—Airwave is a secure digital radio network that began as part of BT in 2000 when it won a government contract

—Has more than 3,000 masts, covering 99 per cent of mainland Britain Total contracted revenue base in excess of £4.7 billion

—Macquarie plans to expand the concept internationally

—The TETRA transmission standard that Airwave uses has attracted opposition from campaigners who cite health fears

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