Tata Steel UK signs RRA with the British Steel Pension Scheme
DSIJ Intelligence / 12 Aug 2017
In an attempt to offer sustainable outcomes for pensioners, employees and the business, Tata Steel UK has entered into a regulated appointment arrangement (RAA) with the trustees of the British Steel Pension Scheme (BSPS).
In an attempt to offer sustainable outcomes for pensioners, employees and the business, Tata Steel UK has entered into a regulated appointment arrangement (RAA) with the trustees of the British Steel Pension Scheme (BSPS). As such, Tata Steel UK will pay UK Pound 550 million (about Rs 45,574 million) to the BSPS even as 33% of Tata Steel UK’s equity will be issued to the scheme’s trustee.
In effect, this arrangement will help do away with the stumbling block posed in the potential merger of the company’s European business with Germany’s ThyssenKrupp, as well as the risk of insolvency. It will impact 1,25,000 members of the pension scheme.
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