Sheffield Steel City.

I am very surprised (unless I have missed it) that no one has commented on the pension crisis about to happen to the steel workers. As Sheffield WAS known as Steel City I thought the comments would have been many and varied.

Seems wrong to my mind to pay into a pension for tens of years, to have it reduced shortly before you are going to retire. As for those not ready to retire, I wonder how they will be feeling, having to work for a reduced pension, or should they just be glad they might have a job.

Angel1.

I think the "pension pot" fiasco is a little like the endowment mortgages. Back then it made perfect sense. Today we know and realise just how unsustainable they actually are.

Final salary and the likes are basically limited to either blue chip companies or the public sector.

When you hear of the perks the miners used to get.....it seems crazy now. Free coal for life!! I mean, who on earth can stand to a promise like that!

I feel sorry for the steel workers and hope fair settlement can be agreed upon. But I also think it's time we shook up the tax system in this country. There are far far too many getting far far more than they really deserve......And I'm not talking about celebrities either.

As the old adage goes....you only get out what you put in....put FA in, don't be surprised if you get FA back.

I saw it in the news. I suppose the ones who have quite a few years to work will see it as the better of too options-a job with reduced pension or no job.

No decision has been made yet as far as I am aware. It’s a bit of an unusual one because a lot of people in the British Steel pension scheme do not work for British Steel. Take Avesta for example as it was called at one time. Them guys were in the scheme but the company had Swedish owners then Finnish owners I understand

When you hear of the perks the miners used to get.....it seems crazy now. Free coal for life!! I mean, who on earth can stand to a promise like that!

 

You should go and look at the accounts of the British Coal pension scheme. That is going to be one mighty windfall for the Government once the last member has gone.

Perhaps the Government could use the billions that it has already raked off the BCSS scheme to bail out the Steelworkers' Pension scheme.

You should go and look at the accounts of the British Coal pension scheme. That is going to be one mighty windfall for the Government once the last member has gone.

 

Perhaps the Government could use the billions that it has alreadsy raked off the BCSS scheme to bail out the Steelworkers' Pension scheme.

It's a private company and therefore should not be bailed out by the taxpayer.

It's a private company and therefore should not be bailed out by the taxpayer.

Tell that to RBS.

What do you think that the Government should do with the Miners' billions?

Tell that to RBS.

 

What do you think that the Government should do with the Miners' billions?

No idea. That was a nationalised industry.

No idea. That was a nationalised industry.

The pension fund isn't. It is an accumulation of investments made from the contributions of miners. It will leave a massive lump sum for the Government sometime soon. Successive Governments have already milked it for billions.

A touch hypocritical to do that, yet refuse to help out the Steelworkers fund, don't you think.

I am very surprised (unless I have missed it) that no one has commented on the pension crisis about to happen to the steel workers. As Sheffield WAS known as Steel City I thought the comments would have been many and varied.

 

Seems wrong to my mind to pay into a pension for tens of years, to have it reduced shortly before you are going to retire. As for those not ready to retire, I wonder how they will be feeling, having to work for a reduced pension, or should they just be glad they might have a job.

 

Angel1.

You say this as though it is something new. There are millions of folk who have paid into pensions schemes for decades only to be faced with the same situation. It usually goes like this.

Boss says to workforce that pension scheme is not sustainable. Offers 2 alternatives. Cut benefits from pension fund or wind up the company.

The only difference here is this is an old public sector scheme that is now in the private sector.

There are very few private sector employees who are still in the index linked final salary schemes enjoyed by the public sector, and it is becoming increasingly apparent that the ones in the public sector are not sustainable either.

---------- Post added 27-05-2016 at 13:59 ----------

You should go and look at the accounts of the British Coal pension scheme. That is going to be one mighty windfall for the Government once the last member has gone.

.

I doubt that. I suspect that the NUM executives will milk the scheme for their own private needs until it is emptied.

http://www.dailymail.co.uk/news/article-3541465/Labour-s-trade-union-spokesman-accused-getting-mortgage-paid-benevolent-fund-raised-sick-coal-miners.html

You say this as though it is something new. There are millions of folk who have paid into pensions schemes for decades only to be faced with the same situation. It usually goes like this.

Boss says to workforce that pension scheme is not sustainable. Offers 2 alternatives. Cut benefits from pension fund or wind up the company.

The only difference here is this is an old public sector scheme that is now in the private sector.

There are very few private sector employees who are still in the index linked final salary schemes enjoyed by the public sector, and it is becoming increasingly apparent that the ones in the public sector are not sustainable either.

 

---------- Post added 27-05-2016 at 13:59 ----------

 

 

I doubt that. I suspect that the NUM executives will milk the scheme for their own private needs until it is emptied.

 

http://www.dailymail.co.uk/news/article-3541465/Labour-s-trade-union-spokesman-accused-getting-mortgage-paid-benevolent-fund-raised-sick-coal-miners.html

DB schemes in public sector are closed to new entrants in the areas I know. DC schemes have been around for a while and some have been changed and moved over to consecutive ones!

NUM executives If you mean officials - they will have their own, unless they were employed by British Coal at some point.

You should go and look at the accounts of the British Coal pension scheme. That is going to be one mighty windfall for the Government once the last member has gone.

 

Perhaps the Government could use the billions that it has already raked off the BCSS scheme to bail out the Steelworkers' Pension scheme.

Where did the pension pot come from in the first place? The government. The miners scheme is a defined benefits scheme no? So once each and every miner has received their benefits, the remainder goes back to the government.

The pension fund isn't. It is an accumulation of investments made from the contributions of miners. It will leave a massive lump sum for the Government sometime soon. Successive Governments have already milked it for billions.

 

A touch hypocritical to do that, yet refuse to help out the Steelworkers fund, don't you think.

According to the government of the day the NCB was loosing money hand over fist so any excess money there should be offset against taxpayers money.