Steel­work­ers’ Pen­sions Could be Cut

The Economic Times - - Around The World -

Lon­don: Tens of thou­sands of steel­work­ers in the UK could have their pen­sions slashed by up to 20% un­der plans by Tata to wash its hands off the £15 bil­lion Bri­tish Steel re­tire­ment scheme, me­dia re­ported on Sun­day. Ac­cord­ing to a re­port in the Sun­day Times, the In­dian con­glom­er­ate is un­der­stood to be in ne­go­ti­a­tions with the gov­ern­ment and the pen­sions reg­u­la­tor over putting the scheme, which has about 130,000 ac­tive and re­tired mem­bers, into the Pen­sion Pro­tec­tion Fund (PPF), which would mean work­ers suf­fer cuts to their re­tire­ment sav­ings of as much as 20%. “There is no pos­si­bil­ity what­so­ever [it will re­tain the pen­sion scheme],” said one source. “Legally it can do it.” PTI

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