Regulator approves Tata pensions deal
All 130,000 members of the current British Steel Pension Scheme, including both former and current staff, will be invited to transfer to the new scheme. It will have lower annual increases in payments for both pensioners and deferred members than the existing scheme. However, the move will help secure the future of plants such as the Port Talbot and Scunthorpe steelworks.
Tata Steel's group executive director Koushik Chatterjee said: "Although much work is still needed to ensure the business is competitive in future, the next step in this pensions process involves necessary formalities to set up the new scheme with a lower risk profile following the necessary member consent process led by the trustee."