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Scunthorpe steel pensioners given extra time to decide on the future of their investments

Steel News - Published on Wed, 06 Dec 2017

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Scunthorpe Telegraph reported that the deadline for the estimated 20,000 British Steel pensioners in North Lincolnshire to decide on the future of their investments has been extended. The original deadline of next Monday (December 11) has been put back until Friday, December 22.

The pensioners who are stake-holders in a GBP 15 billion plus fund have been given three options.

Those options are to transfer to a new fund set up with cash from Tata Steel UK, move with the present scheme to one under the control of the Pension Protection Fund or cash in their savings.

If they fail to meet the December 22 deadline, their savings will remain in the current scheme, to go into the hands of the PPF from March 2018.

Pension fund trustee chairman Allan Johnston said that "As a British Steel pensioner myself, I appreciate why our members are so keen to understand their options and to make the right choice for them and their families.

He said that "We have extended the deadline until December 22 to give members more time but we urge those who haven’t yet returned their completed option forms to do so before the deadline. We are conscious that some members have been trying to access independent financial advice and action has been taken to ensure that all firms contacting members are doing so on the basis of offering appropriate, independent advice and are not exploiting members.

"If members wish to get independent financial advice, we urge them to find an appropriate, regulated, independent financial advisor.”

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Posted By : Nanda Koijam on Wed, 06 Dec 2017
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