British Steel pensions scandal: the story so far
This year’s restructuring of the British Steel Pension Scheme (BSPS), the savings pot for workers at the Port Talbot steelworks, followed nearly 12 months of negotiations and helped to lift the threat of closure that had loomed over the factory.
Union members voted to accept the closure of the BSPS, which paved the way for Indian conglomerate Tata, which runs the steelworks, to merge its European steel business with German steelmaker ThyssenKrupp.
That means the scheme will fall into the Pension Protection Fund, the lifeboat for failed corporate pension plans, while a new defined benefit scheme (BSPS 2) will be set up but with lower increases in income.
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