Tata Steel Updates On UK Pension Consultation Process

In an Exchange filing on Wednesday, Tata Steel informed its share-holders about completion of its pension consultation process for its UK operations.

The iron and steel major also said that as a part of its ongoing process it has also informed the workers of closure of defined benefit scheme to future accrual.

The note filed before the BSE also said that Tata Steel has decided to close its British Steel Pension Scheme to future accrual with effective from March 31, 2017.

"From April 1, 2017, employees to save for retirement through new pension scheme and changes in pension scheme include introduction of a defined contribution pension scheme, max employer contribution of 10%, 6% employee contribution," the note added.

At the time of filing this report at 1100 hours, Tata Steel stock was trading at Rs 477 on the BSE platform, down by 1.04%. The stock had closed on Tuesday on BSE at Rs 482.

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