Tata Steel UK on Monday announced it has received confirmation from Britains Pensions Regulator about the approval of a Regulated Apportionment Arrangement (RAA) in respect of the British Steel Pension Scheme (BSPS).
The BSPS has now been separated from Tata Steel UK and a number of affiliated companies, the company said in a statement. Estimated to be worth £15 billion , the pension fund threatened to drag the company into insolvency, making it less attractive to a potential buyer of its assets.
As part of the RAA, a payment of £550 million from Tata Steel UK has been made to BSPS and shares in Tata Steel UK, equivalent to a 33% economic equity stake in the company, have been issued to the BSPS Trustee under the terms of a shareholders ag…
Read the full article at: http://www.hindustantimes.com/business-news/tata-steel-uk-freed-of-pension-fund-liability/story-5LxS3b2s88ikWzH92zthmM.html
