7th Oct 2015 12:51
October 7, 2015
London Stock Exchange
London
Dear Sirs/ Madam,
Sub: Announcement
This is to inform you that the Trustee of the British Steel Pension Scheme (the Scheme) and Tata Steel UK Limited (TSUK), an indirect subsidiary of Tata Steel Limited have concluded the triennial actuarial valuation of the Scheme as at March 31, 2014.
As a result of measures agreed between the Trustee and TSUK and benefit changes implemented following consultation between TSUK, its employees and their representatives, the on-going residual deficit has been reduced from around c£550 million as at March 31, 2011 to c£90 million as at March 31, 2014.
Accounting impacts arising from the changes to the pension plan will be recorded in the Company's Accounts in due course.
This disclosure is made pursuant to Clause 36 of the listing agreement.
This is for your information and records.
Related Shares:
Tata Steel