UK miners are given pension rescue deal
UK Coal has undergone a major restructuring - protecting 2,000 jobs at its most profitable mines, but losing 350 at others.
Some workers will see their pensions cut by 10% as the company's workers and former miners see their pensions taken over by the Pension Protection Fund.
Martin Clarke, Executive Director at the Pension Protection Fund, says the rescue is 'manageable,' but warns that other companies could go the same way.
He told BBC Radio 5 live's Wake Up to Money:"With markets being extremely volatile and growth being very low... it's affecting a lot of pension schemes and we're seeing very big deficits coming our way when the sponsors go bust."
10 Jul 2013
- From the section Business