UK/EU - Steel workers' union ISTC is ready to launch a landmark case against the government.
The case is seen as the last great hope for thousands of ASW Pension Plan members who were hit when the company collapsed last year.
The ISTC and manufacturing union Amicus-AEEU believe the government has failed to implement a European directive which instructs member states to protect the old age benefits of employees and ex-employees in the event of company insolvency.
Both unions are looking to win compensation for 3000 members of the £119m ASW Pension Plan. They face cuts of up to 90% in their pensions entitlement after their employer went bankrupt in July.
If the action succeeds it could set a precedent which would make the government liable to pay compensation worth billions of pounds to employees left out of pocket when their pension schemes were wound up in deficit.
A source close to the unions – who declined to be named – said: “It’s an issue that affects all members.
“It’s well beyond the ideas stage, but they want to be sure of their grounds before they go to the government. We’re at the point where they will go for it.”
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.