The U.K. government will create a £400 million ($704 million) fund to compensate about 60,000 former steel, engineering and manufacturing workers who lost large sums of money in their pension plans when their employers went out of business, said Stewart Todd, spokesman for the Department for Work and Pensions. It could include additional contributions from the industries, Mr. Todd said. Further details have not been finalized, he said.
The fund is not tied to the Pension Protection Fund, which provides benefits for workers who lose their pensions because of employer insolvencies, Mr. Todd said.
