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Peter Black and South Wales West Liberal DemocratsRepresenting Aberavon, Bridgend, Gower, Neath, Ogmore, Port Talbot, and Swansea |
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Clear assurances needed over Corus pension fund says Assembly Member
October 23, 2006 6:04 PM
The Welsh Liberal Democrat Assembly Member for the South Wales West, Peter Black, has offered his support to the Welsh Secretary in his efforts to ensure that whoever takes over Corus give clear assurances about the funding of the current pension scheme.
The British Steel Pension Scheme has over 160,000 members and is one of the largest in the UK. The steelworkers' union Community has sought talks with prospective owners, Tata over this and other issues.
"My understanding is that according to last week's Observer newspaper, the proposed takeover by Tata is not being launched by the company's parent group, but by another entity set up for the purpose that is 'laden with borrowings'," said Mr. Black. "This makes it all the more imperative for the Welsh Secretary to get solid assurances from the company or, indeed, any other bidder, that the pension fund is safe, and will be properly resourced if their takeover is successful."
"Wales has seen too many high-profile pension defaults. That is why the trade unions are quite right to be concerned, and why I am calling for the Secretary of State to use his influence."
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