British Steel scheme deficit falls 84% after unions accept contribution cap
The funding deficit of the British Steel Pension Scheme (BSPS) has dropped from £550m to £90m as a result of cost cutting measures agreed following tough negotiations.
On completion of the fund's 31 March 2014 triennial valuation, the trustees and sponsor Tata Steel UK agreed on steps to improve the employer covenant and address the shortfall with deficit recovery payments...
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