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No purchaser of Tata’s British interests is willing to take on the financial consequences of the employees’ pensions liabilities. Legally dissociating Tata Steel from the British Steel Pension Scheme is a bold move by the Conservative Government and an attempt to reassure potential buyers of Indian Group Tata’s British business that they will not be lumbered with financing a massive pensions deficit. The British Steel Pension Scheme covers 130,000 members (workers and retirees of the nation’s steel industry including those in Tata) and is in a parlous financial state. Unions fear that the government’s unusual move will result in unwelcome consequences.
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