Financial giant dismisses reports of takeover of British Steel Pension Scheme

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.

Read more: 120 jobs up for grabs for at British Steel in Scunthorpe

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.

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