Tata Steel UK’s pensions deal approved by regulator
Steel firm Tata’s bid to separate its UK pension scheme from the business has been approved by the pensions regulator.
The £15bn British Steel Pension Scheme (BSPS) has been a significant barrier to any potential merger between Tata and German steel producer ThyssenKrupp. The deal affects thousands of current and former workers, with 130,000 members across the UK.
All members of the BSPS will now be invited to transfer to a new scheme. It would have lower future annual increases for pensioners and deferred members than the BSPS.
Read full content: BBC News
