Tata Steel completes UK business pension deal

August 12, 2017, FE Bureau

Clearing a major hurdle in the potential Tata Steel-Thyssenkrupp tie-up for their European steel businesses, Tata Steel said on Friday that it has signed a regulated apportionment agreement (RAA) with the Trustees of British Steel Pension Scheme (BSPS) to separate the pension scheme from its UK business.

A statement from Tata Steel Europe said, “When the RAA takes effect the British Steel Pension Scheme will be separated from Tata Steel UK and a number of affiliated companies”. The company said that the Pensions Regulator has issued a clearance statement in response to Tata Steel’s application for clearance and approval in respect of the RAA. The Pension Protection Fund has also issued confirmation of non-objection to the RAA on Friday.

On May 16, Tata Steel announced that the key commercial terms of a RAA had been agreed in principle between Tata Steel UK and the Trustee of BSPS. It was noted at that time that the RAA remained subject to the agreement of detailed documentation with the pension scheme Trustee, as well as formal approval by the UK Pensions Regulator and non-objection from the UK Pension Protection Fund.

The company further stated that at the end of the 28-day period which will commence with the clearance from the Pensions Regulator, and in the absence of any referrals, the RAA will take effect after Tata Steel UK makes a payment of 550 million Pounds to the BSPS. At the same time, shares in Tata Steel UK would be issued to the BSPS Trustee under the terms of a shareholders’ agreement, which would lead to a 33% economic equity stake in Tata Steel UK being held by the Trustee.

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