Tata Steel to close BSPS and replace with 'competitive' DC

Stephanie Baxter
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Tata Steel to close BSPS and replace with 'competitive' DC

Tata Steel UK has agreed with unions to start consulting on closing the British Steel Pension Scheme (BSPS) and replacing it with a "competitive" defined contribution (DC) arrangement.

Today's announcement comes as the company committed to keeping the Port Talbot steelworks open, saving over 4,500 jobs in south Wales, after agreeing a £1bn rescue deal with the unions. They agreed...

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