Tata plans closure of UK’s British Steel pension fund

first_imgThe British Steel Pension Scheme (BSPS) is to close to new accrual, Tata Steel has told union representatives.Union GMB called Tata’s plan to close the fund “unnecessary and profoundly disappointing”, and said it was preparing a strike ballot.According to the union, the fund had £13.6bn (€17bn) in assets at the end of November last year, up from £12.6bn at the end of March. David Hulse, GMB national officer, said the union did not expect to find itself discussing closure to new accrual, following months of negotiations that got underway in November. “Throughout a long process, we have acted in good faith and negotiated constructively in trying to reach an agreement that addresses what we acknowledge to be a significant deficit in the scheme,” Hulse added.According to the fund’s most recent annual report from 2013-14, BSPS had a £1.1bn deficit in March 2013 when measured on an on-going basis.Hulse was critical of Tata’s plans to close the fund to new accrual.“We have made every effort to compromise with the company, even discussing the possibility of meeting the deficit through changes to member benefits, despite the fact the company is legally obliged to pay for the deficit and has always done so in the past,” Hulse said.“Sadly, the company rejected this offer out of hand. It appears they are hell-bent on closing the scheme and are not prepared to compromise.”He said the management of parent company Tata Steel Europe should “seriously consider their positions” after what he deemed a breakdown in trust between the scheme’s sponsor and its workforce.A spokesman for Tata said the company put forward changes to the defined benefits (DB) fund that would have balanced any changes across the entire workforce.“We believe the trade unions’ proposals to change member benefits would have unfairly disadvantaged younger scheme members, who would have had to bear most of the impact of the changes.He added: “We have been unable to come to an agreement that would have enabled defined benefit provision to continue and we will be consulting employees on a proposal to close the defined benefit scheme to future accrual.It is proposed that future pension provision will be on a defined contribution basis.BTPS is a DB scheme, with a standalone defined contribution arrangement launched in 2014.The DB section returned 1.6% over the course of the 2013-14 financial year, and 7.8% over the three years to 2014.last_img read more

Do it again: Mighty Mouse defends belt vs Cejudo at UFC 227

first_imgMOST READ Mighty Mouse loves the practice of mixed martial arts, and he thrives on the discipline necessary to hone his skills. But that’s just about all Johnson cares about in the MMA game — and that’s basically why one of the greatest fighters in the sport’s history isn’t even headlining the show at UFC 227 on Saturday night in Staples Center.During 11 consecutive title defenses of increasing brilliance, Johnson has become arguably the most tactically well-rounded and creative fighter ever to step inside a cage. But when asked if he is the greatest mixed martial artist in the sport’s history, Johnson dismisses the question with an arched eyebrow and tries to turn the discussion back to video games, his true passion.FEATURED STORIESSPORTSGinebra beats Meralco again to capture PBA Governors’ Cup titleSPORTSAfter winning title, time for LA Tenorio to give back to Batangas folkSPORTSTim Cone still willing to coach Gilas but admits decision won’t be ‘simple yes or no’“That kind of thing is all about hype and what other people think,” Johnson said. “I don’t really worry about it.”The 5-foot-3 Johnson’s disinterest in his legacy has been underlined by his steady refusal to move back up in weight from the 125-pound flyweight class to the 135-pound bantamweight division, where he fought earlier in his career. While he has hinted there’s a dollar figure that could change his mind, Johnson would rather keep embarrassing the world’s top flyweights instead of chasing a superfight with bantamweight champ T.J. Dillashaw or former champ Cody Garbrandt, who will meet in the main event at UFC 227 in another rematch. Don’t miss out on the latest news and information. Judy Ann’s 1st project for 2020 is giving her a ‘stomachache’ Gov’t in no rush to rescue animals in Taal Dib quits after losing to Farmer in IBF super featherweight bout Sports Related Videospowered by AdSparcRead Next Palace OKs total deployment ban on Kuwait OFWs After winning title, time for LA Tenorio to give back to Batangas folk LATEST STORIES “I don’t care,” Johnson said. “That’s not my goal. I’m just focused on Henry Cejudo.”Cejudo was knocked out by Johnson just 28 months ago in the first round of their much-hyped meeting, but the Olympic gold medalist freestyle wrestler is already back for another crack at the most unsolvable problem in MMA. Although Cejudo is only six months younger than Johnson, Cejudo started training in mixed martial arts in January 2013 — four months after Johnson won the UFC belt in his 19th professional fight.The reason for this rerun is twofold: Cejudo is a better, more experienced fighter now — and Johnson would rather grant a rematch to a flyweight than chase bigger bouts with bigger fighters.Nobody doubts Cejudo has improved in the two years since his loss to Johnson. He embarked on a worldwide quest to round out his game with trips to Brazil, Thailand and the Netherlands, and he has won his two fights in the interim against contenders Wilson Reis and Sergio Pettis.Yet even the Los Angeles-born Cejudo knows he’s a major underdog against Johnson in the UFC’s first show in three years at LA’s most prominent arena.ADVERTISEMENTcenter_img FILE – Demetrious Johnson (r) battles Wilson Reis (l) during their Flyweight Championship bout on UFC Fight Night at the Sprint Center on April 15, 2017 in Kansas City, Missouri. Jamie Squire/Getty Images/AFPLOS ANGELES — Demetrious Johnson has been the UFC flyweight champion for the entire existence of the weight class, becoming the longest-reigning champion in the promotion’s 25-year history. He has won 13 consecutive bouts and cleaned out the 125-pound division so thoroughly that previously trounced opponents are getting second chances.Yet any discussion about Johnson’s place in the mythical pound-for-pound rankings or the annals of UFC history ends quickly, due to Johnson’s insistence that he couldn’t care less.ADVERTISEMENT “Even my fans might not think I can win, but I use all of that as motivation,” said Cejudo, who ended up flattened by Johnson’s blizzard of strikes in their first bout. “I burn it for fuel. Somebody has to dethrone him. There has to be a new story line. The baton has to be passed, and it’s my time.”One flickering reason for optimism exists for Cejudo: Johnson is coming back from the longest layoff of his 11-year professional career. Thanks to an injury, Mighty Mouse hasn’t fought since last October, when he submitted Ray Borg.Johnson dutifully fulfilled his promotional responsibilities this week in Los Angeles and then ducked back to his hotel room to play video games on his laptop. Although cordial to most reporters, Johnson has been actively antagonistic toward the media in general for years, repeatedly complaining about instances of what he sees as inaccurate coverage.Yet Johnson also has complained about his paychecks relative to other UFC champions, apparently failing to see the connection between his level of fame and the public’s interest in paying to watch his fights. Johnson wants the prizes without playing the game, oddly enough for a relentless gamer who can get advertising and subscription revenue from his streaming exploits.Perhaps Johnson sees the contradiction, but it doesn’t change the way he approaches his sport or his real life. He fights for self-improvement, and for money to support his wife and soon-to-be three children — and not for anyone else’s approval.“I’m not going to go out and buy a Rolex (after a fight),” Johnson said. “I’m going to buy video games and a new computer. That’s just who I am.” ‘High crimes and misdemeanors’: Trump impeachment trial begins Nadine Lustre’s phone stolen in Brazil Lights inside SMX hall flicker as Duterte rants vs Ayala, Pangilinan anew Carpio hits red carpet treatment for China Coast Guard PLAY LIST 02:14Carpio hits red carpet treatment for China Coast Guard02:56NCRPO pledges to donate P3.5 million to victims of Taal eruption00:56Heavy rain brings some relief in Australia02:37Calm moments allow Taal folks some respite03:23Negosyo sa Tagaytay City, bagsak sa pag-aalboroto ng Bulkang Taal01:13Christian Standhardinger wins PBA Best Player award Peza offers relief to ecozone firms In fight vs corruption, Duterte now points to Ayala, MVP companies as ‘big fish’ View commentslast_img read more