MPs prostest over steel surplus

The decision by British Steel, now part of Corus Group, to use up a large part of its pension fund surplus to cut employer contributions has been condemned by MPs, led by Rotherham MP Denis MacShane. MacShane is calling for a review of the regulation of pension schemes and how they deal with surpluses. While Corus had allocated over a third of the surplus to benefit improvements calls for employee contributions to be cut and for lump sums to pensioners were rejected.