The final move to secure the pensions of tens of
thousands of steelworkers is set to be announced, ending any fresh
doubts about future payments.
Tata Steel is expected to give details on Friday of a new scheme to replace the British steel pension scheme (BSPS).
Workers voted this year to accept lower benefits in return for investment which will secure jobs.
Finalising the pension arrangements is expected to
clear the way for Tata to merge its European steel business with German
firm ThyssenKrupp.
A spokesman for the steel trade unions told the Press Association: “If
accurate, we welcome this development which will lead to certainty for
scheme members following a year of unprecedented turmoil.
“Our members will now expect the trustees to provide all the information
necessary to enable them to make the right decision for them and their
families.”
Tata Steel said key commercial terms of an agreement had been agreed in
principle between the company and the BSPS after “prolonged and intense
discussions” and negotiations with the BSPS, Pensions Regulator and the
Pension Protection Fund, the industry lifeboat for pensions.
“These parties are in positive discussions and we are hopeful of reaching a final agreement shortly,” the spokesman added.
