Tata Steel said last Wednesday (7) its UK arm has concluded the actuarial valuation of British Steel Pension Scheme (BSPS) and the deficit in the scheme stands at about £90 million as of March 2014.
The residual deficit of Tata Steel UK Ltd (TSUK), an indirect subsidiary of Tata Steel, stood at around £550m for the period ended March 31, 2011.
Trustee of BSPS and TSUK have concluded the triennial actuarial valuation of the scheme as of March 31, 2014, it said.
Tata Steel negotiated with the employees and unions on making certain changes to the pension scheme, which the firm claimed will make it affordable and sustainable and at the same time will provide competitive benefits to the workers.
In June this year, unions Community, Unite, Ucatt and GMB threatened to initiate industrial action at Tata Steel, the first such action in the UK’s history in over three decades.
The unions suspended their strike after the Indian steel giant agreed to retain a modified final salary pension scheme.