The initial funding level test criterion for the new British Steel Pension Scheme (BSPS) have been "comfortably met", according to the trustee.
The regulator and lifeboat fund have agreed plans to sever the £15bn British Steel Pension Scheme from Tata Steel UK after months of negotiations with the trustee and sponsor.
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.