Pensions timebomb faced by UK firms is frightening

Pension black holes are a growing concern for corporate bosses
Pension black holes are a growing concern for corporate bosses

If any good has come from the misery that has unfolded at Tata Steel and BHS, it is that their troubles have helped to shine a much-needed light on the pensions timebomb that is ticking across corporate Britain.

Thousands of companies, public and private, big and small, are weighed down by the burden of growing pension scheme black holes, and for some the load is life-threatening.

The Tata and BHS debacles have sharpened the minds of politicians as experts warn that Britain now faces a very real pensions crisis, with several schemes close to collapse unless serious steps are taken to address the growing problem.

Senior MP Frank Field is so concerned that he has promised to investigate the pension system, a move that could see the bosses of the firms most at risk forced to explain to Parliament what plans they have in place to ensure workers’ retirement schemes are guaranteed.

Continue reading (The Telegraph) →