Sheffield Steel City.

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 money in the pension scheme came from the payments from NCB/British Coal staff. Successive Governments have squirmed their way out of making the contributions that they should.

The pot contains billions of pounds of high quality investments. That will all end up in the treasury in the not too distant future.

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.

The pension fund belongs to the miners and other staff of the NCB/British Coal. Why do you think that their money should be stolen?

The money in the pension scheme came from the payments from NCB/British Coal staff. Successive Governments have squirmed their way out of making the contributions that they should.

 

The pot contains billions of pounds of high quality investments. That will all end up in the treasury in the not too distant future.

 

 

 

The pension fund belongs to the miners and other staff of the NCB/British Coal. Why do you think that their money should be stolen?

If the NCB was loosing money hand over fist then the taxpayer lost out massively so any money saved by the government should offset tax dues now.

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

Each time someone was moved to a different company their pension "pot" was transferred too. I was outsourced from British Steel in the last century and my pension entitlement was transferred at the same time.

foxy lady "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."

I am well aware that not only steelworkers face a reduction on their pensions. As Sheffield is/was known as Steel City I just thought it was extra relevant to post about them.

Angel1.