Tata Steel UK pension scheme separates from firm

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Tata Steel UK pension scheme separates from firm

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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>. “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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