It is easy to understand why the union is taking action. They are working on the experience gained across the last 40+ years. Unfortunately, across the same timescale, all the govts of the West have been allowing financial markets to rule the roost (for reasons that do not matter, it is a fact that they did) those actions have made the erosion of pensions an inevitable fact of the next 25 years.
The govt might want to do something and many might be sympathetic to the cause as they are in the same boat. But the country is bankrupt and the pensions cannot be got back. The same thing is happening across the West and just because we are in a slightly better situation than Greece, does not mean that we can get back to 'normal'. For that normal has gone and the new one is not yet clear - and will not be so for at least 20 years.
I'm sure that Ms Morton and her colleagues are sincere but the time for the Union to take action was 15 years ago to prevent things like the repeal of the Glass–Steagall Act in 1999 (repeal was the Gramm–Leach–Bliley Act, proposed by three Republicans and signed by a Democrat President. But, even in '99, it was already way too late.