UK - Steel workers union ISTC has instructed lawyers to mount legal action against the government aimed at winning compensation for ASW Pension Plan members.
If the action succeeds it could prove a test case, 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.
The ISTC is basing its legal arguments on the belief that the government has failed to implement the 1980 European Insolvency Directive, which instructs member states to protect the old age benefits of employees and ex-employees in the event of company insolvency.
On behalf of the ISTC, the law firm Thompson Solicitors will now argue that this directive applies to 3000 members of the £119m ASW Pension Plan, who face cuts of up to 90% in their pensions entitlement after their employer went bankrupt in July.
ISTC general secretary Michael Leahy said: “ISTC members at the ASW steel plants in Cardiff and Sheerness face the prospect of losing a large amount of their expected pension.
The Department for Work and Pensions (DWP) will develop and test new ways to include 4.8 million self-employed workers in pension savings.
Opt-out rates at the end of June 2018 "remained consistent" with levels before the April contribution rate increase, according the Department for Work and Pensions (DWP).
The Pensions Regulator (TPR) has appointed Charles Counsell as its new chief executive, who will take over from Lesley Titcomb next year.
The Financial Reporting Council (FRC) should be abolished and audit and advisory businesses should be split into separate entities to improve the sector for both savers and investors, two reports published today say.