Lord Blencathra – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Lord Blencathra on 2016-06-06.

To ask Her Majesty’s Government whether they have plans to implement the suggested changes to the Tata pensioners pension fund to all public sector pensions.

Lord O’Neill of Gatley

In response to proposals put forward by the British Steel Pension Scheme and supported by Tata Steel UK, the Government is consulting on options to enable a potential restructuring of the British Steel Pension Scheme to deliver a scheme that is sustainable and provides clarity and security to scheme members. The consultation closes on 23 June 2016.

In the last Parliament the Government took action to secure the long term sustainability of public service pensions, by changing the indexation of pensions in payment to the Consumer Prices Index, increasing member contributions by 3.2 percentage points on average, and introducing new career average pensions schemes with higher normal pension ages and a cost control mechanism.