British Steel pensioners in Scunthorpe now set for mass meeting at Baths Hall

By Scunthorpe Telegraph | Posted: 3 Oct 2017

An open meeting for the estimated 20,000 North Lincolnshire stake-holders in the British Steel Pension Fund to discuss the future of their investments was today (Tuesday, October 3) cancelled.

The meeting was due to be held at Redbourn Social Club at noon on Wednesday, November 1 but now, the stake-holders have been invited to a roadshow at The Baths Hall in Scunthorpe on Tuesday, October 24.

Two-hourly sessions will be run throughout the day between 10am and 9pm at the Doncaster Road venue.

Trustees from the fund, along with representatives from the Pension Protection Fund, will be on-hand to answer questions.

Blast furnaces at the British Steel works in Scunthorpe

Thousands of steelworkers past and present have been given three choices after Tata Steel, the former owners of the Scunthorpe works, was given the go-ahead to finance a new scheme with the present trustees.

The present scheme will be handed over to the Pension Protection Fund. But both schemes will offer reduced benefits.

Pensioners may also decide to transfer out of the scheme altogether, with some payments understood to be in the region of £400,000.

The BSPS has assets of around £15.5 billion but faces a short-fall in funds to meet long-term liabilities due to the longevity of its stake-holders.

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