High noon meeting for British Steel pensioners to discuss the future of their investments

By Scunthorpe Telegraph | Posted: 3 Oct 2017

An open meeting has been arranged for the estimated 20,000 North Lincolnshire stake-holders in the 50-year-old British Steel Pension Scheme (BSPS) to discuss the future of their investments.

It will be held at the Redbourn Social Club on Cemetery Road, Scunthorpe, at noon on Wednesday, November 1.

A trustee from the Glasgow-based board will update people present on the latest consultation meeting.

Thousands of steelworkers past and present have been given two 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.

READ MORE: Residents, shoppers and traders given another chance to have their say on future of Scunthorpe market

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

The BSPS has assets of around £15 billion but faces a short-fall in funds to meet long-term liabilities due to the longevity of its stake-holder.

For further information about the November meeting contact maza4438@gmail.com or phone 07504 055624. 

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