The Trustee is delighted to announce that, following a fourth and final buy-in transaction, the Scheme’s liabilities have been insured in full with Legal & General.

The Trustee Chairman, Keith Greenfield has said: “Since the new Scheme was established, the Trustee’s overall objective has been to reach full funding on a solvency or “buyout” basis. There were two reasons for this. Firstly, it provides members with the greatest possible comfort that benefits will be paid in full as and when they fall due as risks such as investment, inflation, increased life expectancy and covenant are passed to the insurer. Secondly, and this is specific to our Scheme, reaching 103% funding allows us to make additional payments (referred to as “restoration”) to members under the agreement reached when the new BSPS was set up. The earlier we did this, the greater number of members who will benefit.

“I would like to thank my fellow Trustee directors, Scheme Officers and advisers and counterparts in Tata Steel and Legal & General for working together in partnership to deliver this outcome many years earlier than expected when the new Scheme was set up.

The priority now is to move forward to make restoration payments as soon as we can, and more information will be provided in the NewsBrief newsletter which will be issued at the beginning of June.”

18 May 2023