News: Tata commits to more cash for British Steel.

Pensions Week, January, 2008

Byline: David Ricketts

The group that acquired steel giant Corus has promised to pump extra cash into the British Steel Pension Scheme, agreeing to increase its minimum contribution to 10%.

Tata Steel, the Indian-based company that paid GBP6.7bn for Corus last year, was urged to make the steel manufacturer's attractive pension scheme a top priority following a furious bidding war, which stood to affect some 24,000 workers in England.

A spokeswoman for the British Steel Pension Scheme, which has 23,000 final salary members, said the minimum contribution would become effective in March 2009 and last until 2012.

Commenting on Tata's decision to increase its commitment to the scheme since the acquisition of Corus last year, she said:...

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