Hartlepool MP Mike Hill has offered advice to workers at Tata Steel over their pensions.
The Indian steel giant is set to replace the British Steel Pension Scheme (BSPS) with a new structure.
Tata Steel UK said it had signed documentation for a Regulated Apportionment Arrangement (RAA) with the Trustee of the British Steel Pension Scheme, offering “more sustainable outcomes” for pensioners, employees and the business.
Mr Hill said: “The recent Tata Steel announcement follows the long negotiations with the trades unions, aimed at protecting the pension provisions for workers.
“Yes, separating out the British Pensions scheme from Tata Steel and introducing a new scheme will see reduced annual increases, but accrued pension benefits will be protected.
“I wasn’t part of the negotiations last year but they were set in the context of protecting jobs and the continuation of Tata Steel as a business.
“Around three hundred workers objected at the Hartlepool Pipe Mill.
“The unions fought for the right to choose whether to transfer to the new scheme or remain in the old scheme under the Pension Protection Fund. I am urging workers to do the following: Look out for the information that the trustee will send them – imminently and then in September and October; Read carefully; Take professional advice if desired; Make a well-informed choice; Tell other members to do the same.”