Steelworkers face huge pension cuts as Tata completes merger

Stephen Kinnock demands government step in over default plan for 122,000 members of British Steel pension scheme

The retirement plans of tens of thousands of steel workers have been thrown into disarray after their pensions were pushed into the Pension Protection Fund, the government lifeboat for failed schemes.

The 122,000 members of the British Steel pension scheme (BSPS) have until Friday to decide whether to stay with the scheme, join a new one with reduced benefits set up by Tata Steel, or transfer to a personal plan.

Continue reading…

Read full original article »