Tata Steel UK reaches pension deal

Tata Steel, the country's largest steel producer, on Wednesday said its subsidiary in the UK and the trustee of the British Steel Pension Scheme had concluded the triennial actuarial valuation of the scheme. In an exchange notification, the company said as a result of measures agreed between the trustee and Tata Steel UK, the residual deficit had been reduced to £90 million on March 31, 2014, from £550 million on March 31, 2011.

Accounting impacts of the changes to the pension plan would be recorded in the company's accounts, Tata Steel added.