Tata Steel UK signs retirement benefit agreement

Tata Steel UK announced that it has signed filings to regulate a distribution agreement with the Trustee of the British Steel Pension System, offering more sustainable results for retirees, employees and businesses.

As a result, the UK steel pension scheme will be spun off from Tata Steel UK and a number of subsidiaries. The Pension Fund has published a confirmation of no objection to the agreement.

The regulator will confirm its approval, which will take effect after Tata Steel UK pays 550 million to the British steel pension system. At the same time, Tata Steel UK shares will be placed at the disposal of the British Steel Pension Fund in accordance with the terms of the shareholder agreement, which will result in a 33% economic stake in Tata Steel UK held by the Trustee.