May 16, 2017 / 1:49 PM / 2 months ago

Tata Steel says agrees deal to spin off giant UK pension scheme

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LONDON, May 16 (Reuters) - India's Tata Steel said on Tuesday that key commercial terms of a deal to spin off its giant UK pension scheme into a standalone entity and end its liabilities for the scheme have been agreed with the scheme's trustees.

The deal, which will see Tata plough 550 million pounds into the deficit-laden British Steel Pension Scheme (BSPS), is subject to formal approval by The Pensions Regulator, but Tata said it expects to reach a final agreement shortly.

Reporting by Maytaal Angel and Carolyn Cohn

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