STEEL WORKERS are demanding action to stop an £800 million 'Maxwell style' pensions rip off. Thousands of steel workers are furious that British Steel bosses are taking £800 million from the £1,000 million pension fund surplus for themselves. Union leaders have accused British Steel of raiding the pension fund to finance the company's merger with Dutch firm Hoogovens.
The ISTC union is referring the issue to the pensions ombudsman, and steel pensioners are organising protests to the fund's trustees. Said one steel worker, 'The sums involved are far in excess of what Maxwell got away with. It's an absolute scandal and many steel workers are saying union leaders should ballot for strike action over it.'