Easier pension scheme approved for Tata Steel UK

A payment of 550 million euros from Tata Steel UK has been made to British Steel Pension Scheme

Tata Steel UK said the British Steel Pension Scheme (BSPS) has been separated from itself and a number of affiliated companies.

The company said it had confirmation from that country's pensions regulator for approval on a Regulated Apportionment Arrangement (RAA) in respect of the former's British Steel Pension Scheme (BSPS).

As part of the RAA, a payment of 550 million euros from Tata Steel UK has been made to the BSPS and shares in Tata Steel UK, equivalent to a 33% economic equity stake in the company, have been issued to the BSPS Trustee under the terms of a shareholders’