Regulator approves Tata Steel pension deal

The BSPS trustees will be communicating with scheme members in the next few weeks to explain member options and expected next steps. In the meantime, members should contact the BSPS trustees with any queries.

This proposal was first presented in May, and Tata Steel has been waiting for TPR approval since then.

In the meantime, the numbers of members transferring out of the BSPS fund have more than doubled. TSUK employees have been attracted by the rise in the value of transfers made to those leaving defined benefit schemes over the past two years.

Tata took on BSPS when it bought Corus in 2007 for £6.2bn, and the funding deficit has been an increasing problem. 

The separation from the scheme could remove the last hurdle to a merger of the group’s European steelmaking operations with those of German rival ThyssenKrupp.