Financial giant dismisses reports of takeover of British Steel Pension Scheme
Legal and General is the pension providers for the 3,000 British employees in Scunthorpe
By Scunthorpe Telegraph | Posted: 31 May 2017
Financial services giants Legal and General today dismissed national media reports about a proposed takeover of the British Steel Pension Scheme as "speculation".
A report in yesterday's Daily Mail said Tata Steel, the former owners of the Scunthorpe works, were in talks over a £15 billion buy-out of the 60-year-old pension scheme
Last June, Legal and General took over as the pension providers for the 3,000 British employees in Scunthorpe.
The British Steel fund which is reported to be worth£15 billion has an estimated 20,000 stake-holders in North Lincolnshire.
They have been waiting since last June for the Department for Work and Pensions to decide if the scheme should fall into the hands of the Pension Protection Fund after Tata Steel refused to bridge a short-fall to meet long-term liabilities.
Tata Steel has so far not commented on the reported talks with Legal and general.