A lifeline for British Steel in the form of a Chinese buyout would have positive implications for its workers caught up in its defined benefit (DB) pension scheme transfer saga.
News that Chinese steel producer Jingye Group has agreed in principle to purchase British Steel the Scunthorpe-headquartered business for £70m has been welcomed by its employees. The potential buyout rumoured to be confirmed later today (11 November), could reportedly save 4,000 UK jobs. Echelon Wealthcare Principal Al Rush, instrumental in a pro-bono initiative to help steelworkers poorly advised on defined benefit (DB) transfers, said the Scunthorpe workers he spoke to were "overwhelmingly keen and enthusiastic" about the impending deal. "I think it works out well for a number of...
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