Tata Steel has reached an agreement over its £15bn pension scheme, in a move that the pensions regulator hopes will help secure jobs at the Indian-owned company that employs more than 8,000 people across the UK.
The 130,000 members of the scheme one of the UKs largest are to be contacted by the trustees to be told they will have an option to switch to a new scheme or move to the Pension Protection Fund, a government-backed pensions lifeboat.
The Pensions Regulator (TPR) said such arrangements over pensions were rare but necessary in this in case to prevent the company becoming insolvent. This proposal brings greater certainty for pension scheme members and unlocks the possibility of restructuring the company, which in turn could …
Read the full article at: https://www.theguardian.com/business/2017/aug/11/tata-steel-set-to-unveil-new-pension-scheme-for-thousands-of-workers