Resolves issue related with British Steel Pension Scheme & Stichting Pensioenfonds Hoogovens, Netherlands
Tata Steel announced that following the trade union recommendation to the members for the modification option changes to the British Steel Pension Scheme and the trade union members vote in support of this, Tata Steel UK, a subsidiary of Tata Steel confirms that the formal consulation with employees on the changes has been completed and that the trustee body and the company have made the amendments to the scheme to enable the benefit changes to be adopted.Futher with regards to Stichting Pensioenfonds Hoogovens, Netherlands, Tata Steel announced that on 7 July 2015, the execution agreement for the company's main pension scheme in the Netherlands, Stichting Pensioenfonds Hoogovens (SPH), was signed by Tata Steel's subsidiary Tata Steel Nederland BV and the SPH Board. The terms of this agreement will allow the scheme to be classified as a defined contribution scheme with effect from 7 July 2015 rather than defined benefit scheme.
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