Pensions

Most recent

Steel pensions minority 'taken advantage of'
Retired Port Talbot steelworker Tony Taylor says a minority of pensioners have been taken advantage of.

'Vulture' advisers targeted British Steel pension members

BBC Business News

British Steel pension scheme members were targeted by "vulture" financial advisers after Tata was allowed to offload its retirement fund, MPs say.

In 2017 the Indian firm announced a restructuring of the £14bn fund to keep its UK loss-making operations afloat.

But the government, Tata and regulators failed to protect 124,000 members from a major mis-selling scandal, the Work and Pensions Select Committee said.

The UK government has yet to issue its response to the neglect claim.

About 300 people are employed by Tata in Hartlepool and a further 30 in Cumbria.

Graphic showing number of people employed by Tata across the UK
BBC
'Pension holders were fleeced by financial vultures'
Another major financial mis-selling scandal is "already erupting" according to a report into the British Steel Pension Scheme by MPs.

States' pension approach 'from dark and distant past'

BBC Radio Guernsey

Guernsey States' negotiation tactics have been described as something from "a dark and distant past" by the union it battled in a long-running dispute.

Peter Hughes, the south west regional secretary for Unite, said the approach only changed under the leadership of Deputy Jonathan Le Tocq, who he said, wanted to avoid further legal action.

Pensions protesters
BBC

Yesterday, it was confirmed 75% of the union's members voted in favour of the latest pension offer from the States, which would enable its public sector workers to transfer schemes and draw their pensions as well as a lump sum at the earlier age of 65.

The union was the last to resist the changes, which were accepted by other unions in 2016.

Mr Hughes said the deal that hads been struck was "massively significant" as they were successful in "lowering the working life of a lot of people in the island".

Deputy Le Tocq said the States was "satisfied" the deal was affordable, sustainable, and allowed the States to compete in the employment market.