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BRIEF-Tata Steel signs document for new pension scheme in relation to British Steel Pension Scheme
August 11, 2017 / 11:47 AM / 4 months ago

BRIEF-Tata Steel signs document for new pension scheme in relation to British Steel Pension Scheme

Aug 11 (Reuters) - Tata Steel Ltd

* Says signs documentation for a regulated apportionment arrangement in relation to British Steel Pension Scheme

* When RAA takes effect British Steel Pension Scheme will be separated from Tata Steel UK and a number of affiliated cos

* Says pension protection fund issued confirmation on Friday of non-objection to the RAA

* Says Tata Steel UK reached agreement for sponsorship of proposed new pension scheme‍​

* Tata Steel - new scheme would have lower future annual increases for pensioners and deferred members than the British Steel Pension Scheme

* Says all members of British Steel Pension Scheme would be invited to transfer to new scheme subsequent to completion of RAA

* Says if qualifying conditions are met, members who choose to, will transfer to new scheme

* Remains no certainty with regards to eventual existence, size or form of the new scheme

* Funding position and membership of any new scheme still dependent on results of proposed voluntary membership transfer exercise

* Says net financial impact of RAA including payment of agreed amount would be reflected in Q2 FY18 financials of co Source text: (bit.ly/2wApkSQ) Further company coverage:

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