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Tata Steel agrees British pensions deal

Reuters  |  LONDON 

LONDON (Reuters) - Tata Steel has agreed the key commercial terms of a deal to cut benefits and improve the funding position of its British pension scheme, the Indian company said on Tuesday.The pension scheme was a major stumbling block in talks to merge Tata Steel's British and European steel assets with those of Thyssenkrupp, because the German company was opposed to taking on Tata's 15 billion pounds in UK pension liabilities.The deal, agreed with the scheme's trustees, will see Tata plough 550 million pounds into the final salary British Steel Pension Scheme (BSPS). It is subject to ...

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First Published: Tue, May 16 2017. 22:28 IST