Britain to consult on steel pensions in drive to find Tata Steel UK buyer

London: Britain’s government said on Thursday it had launched a consultation to overhaul the deficit-laden British Steel Pension Scheme, a major stumbling block for potential buyers of Tata Steel’s UK assets.

“The consultation includes a full range of options that consider whether and how the scheme could be separated from the existing sponsoring employer and whether it will be necessary to reduce the benefits within the scheme,” pensions minister Stephen Crabb said in a written statement to parliament.