 "Green shoots as Tata Steel's UK pension drama ends")
Tata Steel expects to complete full insurance buy-in of the British Steel Pension Scheme (BSPS) in the first half of calendar 2023. The move will cover Tata Steel UK against any funding shortfalls arising from changes in underlying conditions or market variables in the future.
Tata Steel on Friday said that 60 per cent liabilities of the BSPS were now insured. In December, the BSPS Trustee transacted a third buy-in policy with Legal & General, under which around 30 per cent of liabilities (£2 billion) were insured, bringing the total insured to around 60 per cent.
The company said that
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