They aren't working another 15 years. They are working 5.
If it's so bad right now, why not go and find that magical, fabled job, overseas right now?
Strike! Strike!
- Thread starter Abraxaz1
- Start date
They aren't working another 15 years. They are working 5.
If it's so bad right now, why not go and find that magical, fabled job, overseas right now?
I have a reluctant missus...
why are you not already doing that - you've already said you don't think you'll be able to work past 60, tis better to find a new career sooner than later in that case
Lots of final salary pension schemes have been closed across the UK. British Steel aren't unique in choosing to try and shift the risk and cost of retirement more to their employees away from them, the employer. The cost of defined benefit pensions, as they were originally designed, is unsustainable.
The company would not have borrowed £750 million from the pension scheme, rather the pension scheme trustees would have lent it to them. There's a difference post Maxwell.
I thought Mr "Two Jags" did more or less the same thing rather more recently, And the pension industry has never been the same since!
You're right - it hasn't. It is immeasurably safer since Maxwell.
Defined benefit schemes have the right to reduce benefits by up to 8% a year for each year that the benefits are taken early, i.e. before the normal retirement age. 8% is also the very common penalty across most final salary schemes like this, but it appears the British Steel is a less penal 5%.
So what they've actually likely done is maintain the existing scheme and simply raise the retirement age. If this is the case then under the old arrangement someone aged 55 would also have been 'docked' 25% of their pension in return for taking it 5 years earlier than planned.
I really don't get all the striking in this era - it just stinks of selfishness to me. So if they retire at 60, they can still take their pension but at a 25% reduction. They will still be drawing much more than most people with private pensions (who will have lost vast amounts over the recession) - they don't know how lucky they are, having a government backed pension. If they don't like it, they should get out.
Yes they were told that they would get it at 60, but retirement age is constantly going up for everyone. Life expectancy is much longer than it was 35 years ago - you cant just expect everyone else in 'less stressful' jobs to pay their way instead. My retired ex steelworker father is just fine - in fact he loves going back to help on the side.
Written by from someone likely needing to retire at 70, in a private sector, non physical but very stressful job.
Yes they were told that they would get it at 60, but retirement age is constantly going up for everyone. Life expectancy is much longer than it was 35 years ago - you cant just expect everyone else in 'less stressful' jobs to pay their way instead. My retired ex steelworker father is just fine - in fact he loves going back to help on the side.
Written by from someone likely needing to retire at 70, in a private sector, non physical but very stressful job.
There's always a gray area where people who are near retirement are protected from such changes..
unless all the details are layed out, concerning the pension and the loan.. I really can't agree or disagree with you. But if your part of the union (and god dam I hate unions) and they have voted to strike; you really should up hold your union duty.
unless all the details are layed out, concerning the pension and the loan.. I really can't agree or disagree with you. But if your part of the union (and god dam I hate unions) and they have voted to strike; you really should up hold your union duty.
Deleted member 66701
Deleted member 66701
So what have YOU done to fight for a better pension?
Loving the "if I can't have it, neither can anyone else" attitude though - rock on.
It's quality control.
The wings that come to us from China (we made a jig there as a good will gesture) come with I giant red label saying "china" and despite being "perfect" according to the Chinese inspector you can pick any run of bolts and run your finger down it going "proud, deep, proud, deep deep deep, cooked and proud" etc.
They need so much rework doing its hilarious the apprentices do more quality work there's a damn good reason they're only licensed to fly in Chinese airspace.
Oh Op full support btw the actions of the company have been totally without merit leaving the fund iirc over 1 billion in debt.
Like amigo says though strikes grab headlines well but working to rule and obeying every single company procedure and health and safety practice decimate profits like nothing else.
Like amigo says though strikes grab headlines well but working to rule and obeying every single company procedure and health and safety practice decimate profits like nothing else.
Despite the contributions from working members, the employer and investment income, the pension fund still lost over £250 million last financial year: https://www.bspensions.com/financial-summary-s6/focus-on-the-accounts-s80.html
The scheme has 135,000 members: around 86,000 are retired and already drawing their pension; a further 33,000 are deferred members; and there are just 16,000 current employees who continue to pay contributions.
I'm surprised they've kept it open this long, to be honest.
The scheme has 135,000 members: around 86,000 are retired and already drawing their pension; a further 33,000 are deferred members; and there are just 16,000 current employees who continue to pay contributions.
I'm surprised they've kept it open this long, to be honest.
Double dipper eh? They are part of the problem.
Race to the bottom then?
Haven't British Steel lost over £2 billion in the past two years?