UK - Trade unionists expect steel giant Corus to back down over the proposed closure of its defined benefit pension scheme.
The steel workers’ union, the ISTC, threatened industrial action after the firm outlined plans to close the £8.4bn British Steel Pension Scheme to new members.
The two sides have since held an initial meeting with Corus promising to look at alternative proposals.
But a union source predicted that the firm would back down. After the meeting, the source said: “It was clear that they underestimated the strength of feeling among our members. They were much more circumspect. They understand that they can’t just push ahead and do what they think is in their best interests.”
The source added: “They know quite clearly our position, and should they try to force something through which is not in our members’ interests – which jeopardises the future of the scheme – industrial action will go ahead.”
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).