HOW VULTURES STRUCK

TATA Steel closed the heavily indebted British Steel Pension Scheme (BSPS) in 2017, saying it would push the firm into insolvency.

Of 122,000 members, more than 80,000 switched to a scheme set up by Tata.

Another 17,000 stuck with BSPS while it fell into the Pension Protection Fund. Both are set to leave most members worse off. The other 25,000 members either defaulted into the PPF or transferred to new schemes.

A parliamentary inquiry said: ‘Local independent financial advisers were overwhelmed by demand. The circumstances surrounding BSPS created perfect conditions for vultures to take advantage.’