Advertisement

  1. National

Tata Steel: Pension cut plan would be 'unique' to company

Business Secretary Sajid Javid has confirmed the Government is set to launch a consultation on changes to pensions law as part of efforts to save Tata Steel despite being "very wary of setting a precedent".

The changes would leave steelworkers worse off in retirement - but they would still fare better than many employees in other pension schemes.

Former Liberal Democrat Pensions Minister Steve Webb warned the government is "going down a very dangerous path" in seeking to change the pension laws but Mr Javid said the plan for Tata would be 'unique' to the company.

View all 10 updates ›

Government told to 'take responsibility' over Tata pensions

The GMB union has called on the Government to "take responsibility" for the pensions of Tata Steel workers and urged against any change in laws.

Sajid Javid, seen meeting steel workers in April, is due to inform MPs on Tata negotiations after attending talks in Mumbai. Credit: PA

Ministers are considering changes to pension laws, which would leave steelworkers worse off in retirement but still fare better than many employees in other pension schemes.

GMB as a matter of policy consider that changes in pension schemes should not be retrospective and should be left to individual trustees and scheme members.

A change in law to precipitate punitive changes to accrued rights is not good for any of our members. The Government, as previous owners, has got to take responsibility as it did with Royal Mail.

– Keir Greenaway, the GMB union's national pensions officer
  1. Read more
  2. 10 updates
Tata Steel: Pension cut plan would be 'unique' to company

More on this story