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Tata Steel UK pension scheme separates from firm
September 11, 2017 / 11:52 AM / in 3 months

Tata Steel UK pension scheme separates from firm

LONDON (Reuters) - Tata Steel’s UK pension scheme has separated from the company after regulators confirmed its pensions deal, the company said on Monday, paving the way for a merger of the European steel assets of India’s Tata Steel with those of Germany’s Thyssenkrupp.

The Tata Steel plant is seen at sunset in Port Talbot, South Wales, May 31, 2013. REUTERS/Rebecca Naden/File

“The (British Steel Pension Scheme) has now been separated from Tata Steel UK and a number of affiliated companies,” Tata Steel UK said in a statement.

The pension scheme has been a major stumbling block in a possible merger between the Indian steelmaker and Thyssenkrupp, because the German company was opposed to taking on 15 billion pounds ($19.82 billion) in UK pension liabilities.

The Pensions Regulator approved a deal last month to separate the Tata Steel UK pension scheme, but allowed 28 days for any objections.

($1 = 0.7568 pounds)

Reporting by Carolyn Cohn and Maytaal Angel, editing by Maiya Keidan

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