Tata Steel announced that the Trustee of the British Steel Pension Scheme (the Scheme) and Tata Steel UK (TSUK), an indirect subsidiary of Tata Steel have concluded the triennial actuarial valuation of the Scheme as at 31 March 2014.
As a result of measures agreed between the Trustee and TSUK and benefit changes implemented following consultation between TSUK, its employees and their representatives, the on-going residual deficit has been reduced from around c550 million as at 31 March 2011 to c90 million as at 31 March 2014.
Accounting impacts arising from the changes to the pension plan will be recorded in the Company's Accounts in due course.
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