A government overhaul of the British Steel Pension Scheme - crucial to convincing anyone to buy Tata's British assets – is in jeopardy after Britons' vote to leave the European Union deepened the fund's debts and depleted its assets, analysts and industry sources said. Pension trustees said they were in talks to assess the impact of last week's decision, which sources said already raised the risk Tata Steel's giant Port Talbot plant would be closed, destroying thousands of jobs.
Britain's government has been trying to overhaul the British Steel Pension Scheme (BSPS), one of the nation's largest defined benefit plans, with 130,000 members. Even before last week's referendum, its 14 billion pounds of liabilities exceeded its assets by roughly 700 million pounds.
Tata Steel inherited the pension scheme when it bought Corus, formerly British Steel, for $12 billion in 2007.
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