Malta’s tighter pension rules to affect thousands of UK savers

Turkey’s military pension fund has reached a tentative deal to buy British Steel out of insolvency.

The Turkish Armed Forces Assistance Fund (known as Oyak) says it plans to take over British Steel, which employs 5,000 people, by the end of the year.

British Steel owns the Scunthorpe steel works where 3,000 people work and it employs another 800 on Teesside.

But the firm was put into compulsory liquidation in May after rescue talks with the government broke down.

Another 20,000 jobs in the supply chain were put at risk by the collapse of the talks between the government and British Steel’s owner, Greybull, prompting a parliamentary inquiry.

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Source: bbc.com/news     16 August 2019