 "Tata Steel to decide on UK future in 4 weeks: UK report")
Tata Steel will have to convince the UK pension regulator to approve its closure of the British Steel Pension Scheme to future accruals.
“It is not going to be easy for the Tatas to convince the regulator. Hefty compensation will have to be paid,” Harish Patel, national officer (metals and boundary) at Unite, Britain’s largest trade union told Business Standard. An e-mail to the Tata Steel spokesperson went unanswered.
“The compensation figures are large and will run into millions of pounds. The figures are yet to be divulged and the Tatas are in talks with the regulator,” said another person close to
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