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Tata Steel agrees to UK pension deal

With benefit cuts in place, the new scheme would pose less of a risk to the company

Maytaal Angel & Carolyn Cohn | Reuters  |  London 

Tata Steel has agreed to the key commercial terms of a deal to cut benefits and improve the funding position of its British pension scheme, it said on Tuesday. The scheme was a major stumbling block during talks to merge Tata Steel’s British and European steel assets with those of Germany-based ThyssenKrupp. It was opposed to taking on Tata’s £15 billion for the UK’s pension liabilities. The deal, agreed with the scheme’s trustees, would see Tata plough £550 million into the final salary under the British Steel Pension Scheme (BSPS). However, it ...

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First Published: Wed, May 17 2017. 02:06 IST