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New Tata Steel UK pension scheme to be set up after meeting criteria

Some 25,000 scheme members failed to opt to transfer into the new scheme, meaning they end up in a lifeboat known as the Pension Protection Fund by default

Reuters  |  London 

A new pension fund backed by Tata Steel UK, a unit of India's Tata Steel, will be set up after meeting minimum size and funding criteria, paving the way for the firm's merger with Germany's Thyssenkrupp. The trustee of the British Steel Pension Scheme (BSPS), a 124,000 member final salary scheme from previous owner British Steel, said in a statement the new BSPS would go ahead on March 28 as planned. "This is very good news for the 83,000 members who wanted to receive their benefits from the New Scheme and chose to switch to it," said Alan Johnston, who will ...

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First Published: Wed, March 14 2018. 22:58 IST