The “inevitability” of the £15bn Tata steel pension scheme entering the PPF “won’t kill the Pension Protection Fund” but clearly is “not good news”, independent pensions consultant John Ralfe has said.
Speaking on the BBC’s Monday’s business with Joe Lynam radio programme, Ralfe said “the PPF is set up to take on any number of relatively small schemes but this would be the largest scheme taken on by an order of magnitude, probably twice the size of the previous largest scheme”.
The Tata Group, the Indian conglomerate, has decided to sell its entire UK steel business, threatening jobs across the country. There had been speculation the government may nationalise the business, however, after a meeting with ministers, Prime Minister David Cameron said nationalisation was “not the right answer”.
Tata has previously tried to close the defined benefit pension fund to future accrual but were threatened with strike action by the unions, leading to “modified changes” to the scheme.
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