Cut Your Losses


Just when you thought your job was safe in Port Talbot, the following BBC news item comes along :

Struggle over Tata Steel pensions argument

My heart bleeds for those who feel themselves trapped between a rock and a hard place, and I would feel less than happy if I saw my defined benefits scheme wound up and replaced by a defined contribution scheme. But is there really much of a choice ? Would you be any better off if the plant was shut or sold off ?

I know this probably makes those in that unfortunate position feel trapped, and bitter that the company takes advantage of their unenviable dilemma. However, if the alternative is the worse of two evils, is it time to give in and cut your losses ?

I also know that I’m one of the lucky ones since I managed to activate the escape hatch when the end of the defined benefits scheme was first brought up in April 2015. Since then, however, things have gone from bad to worse quite fast, and even with the improvement of the last few months there surely can’t be much appetite for renewed industrial action ? It would be akin to torpedoing any chance of a future for the plant.

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