New pension scheme for Tata Steel UK staff

From April 1, 2017, employees will save for their retirement through a new pension scheme

Tata Steel UK on Tuesday said it will close the British Steel Pension Scheme to future accrual from March 31 and employees will get a new contributory scheme for their retirement savings thereafter.

The Tata Steel arm said that it has completed the consultation process with employees to close the British Steel Pension Scheme to future accrual.

“From April 1, 2017, employees will save for their retirement through a new and competitive defined contribution pension scheme,” Tata Steel said in a filing to BSE.

“After carefully considering all the responses received and sharing the review with the trade unions, Tata Steel UK has informed employees it will close the British Steel Pension Scheme to future accrual with effect from March 31, 2017,” Tata Steel stated.