September 11, 2017 / 11:48 AM / 10 months ago

Tata Steel UK pension scheme separates from firm

LONDON (Reuters) - Tata Steel’s UK pension scheme has separated from the company after regulators confirmed its pensions deal, the company said on Monday, paving the way for a merger of the European steel assets of India’s Tata Steel (TISC.NS) with those of Germany’s Thyssenkrupp (TKAG.DE).

A company logo is seen outside the Tata steelworks near Rotherham in Britain, in this March 30, 2016 file photo. REUTERS/Phil Noble/File Photo

“The (British Steel Pension Scheme) has now been separated from Tata Steel UK and a number of affiliated companies,” Tata Steel UK said in a statement.

The pension scheme has been a major stumbling block in a possible merger between the Indian steelmaker and Thyssenkrupp, because the German company was opposed to taking on 15 billion pounds in UK pension liabilities.

The Pensions Regulator approved a deal last month to separate the Tata Steel UK pension scheme, but allowed 28 days for any objections.

Reporting by Carolyn Cohn and Maytaal Angel, editing by Maiya Keidan

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