Only a few days to go: We’re raising £25,000 to keep TheyWorkForYou running and make sure people across the UK can hold their elected representatives to account.Donate to our crowdfunder
The hon. Gentleman is right to say that the scheme sponsor, Tata Steel UK, has responsibilities to the pension scheme. The reality is that the scheme is in a deficit of, depending on how we measure it, anywhere between £700 million and £1.5 billion, and perhaps even higher on a buy-out basis. It is well understood that the company is not able to cover that deficit because of its financial troubles. That is why the scheme trustees have made their proposal, and I hope that the hon. Gentleman agrees that, while we should not rush to any decision, it is right to consider it.