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...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date
