Tata Steel UK to close pension scheme, to implement new scheme

Mumbai: Tata Steel UK has completed the consultation process to close its existing pension scheme for its workers from March 31, 2017. A new pension scheme will be implemented from April 1, 2017.

Tata Steel Ltd disclosed the development in a regulatory filing in BSE on Wednesday.

During the consultation process, the company spoke to more than 4,000 employees at more than 90 face-to-face briefings across the UK and also received feedback from trade unions.

According to the statement, after considering responses received and sharing the review with the trade unions, Tata Steel UK has informed its employees it it will close the British Steel Pension Scheme to future accrual.