UK BUSINESS MINISTER TO DISCUSS PENSION SCHEME WITH TRADE UNIONS TOMORROW

After the UK business minister Sajid Javid met Tata Steel chairman Cyrus Mistry in Mumbai, the minister has now scheduled a meeting with representatives of trade union tomorrow (Thursday) at 12 pm GMT, where the status of the British pension scheme for Tata Steel workers will be discussed in detail.

As per the legislation, should the sale of the UK business take place, pensions will not get transferred to the new owner. In such a scenario it is important to get clarity on the fate of the scheme holders as Tata Steel's entire idea to sell the plant is to stop the cash drain.