Tata Steel has heralded it’s separating its pension fund from its UK business
The deal between the unshakeable, the trustees of the British Steel Pension Scheme and regulators means that Tata no longer has to dais behind its costly defined benefit fund.
Tata had claimed that unless it could remove itself from the scheme, its British business would have be accepted a fetched under within 12 months.
As it is, removing the “poison pill” of the pension design clears the way for Tata to merge its steel business with that of German challenge ThyssenKrupp.
British companies have injected hundreds of billions of yards into their legacy defined benefit pension funds since 2001 to try to boost their deficits, only to watch in horror as they continued to addition.
How long will it be before other major employers come to the after all is said conclusion as Tata Steel and say that they need to separate themselves from their intrigues to survive?
The deal means that Tata no longer has to policy behind its costly defined benefit fund
As many of you know, I father been absent for the past few months due to the injuries I sustained in the London Bond terror attack.
Many thanks to my family, friends, colleagues and readers who contacted me with affable messages of support during my convalescence.
It is truly appreciated. A special sometimes non-standard due ti to colleague Harvey Jones, who did a terrific job in my absence.