Pension cut idea in Tata Steel crisis

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The government is considering cuts to British Steel pension benefits in a bid to save Tata Steel’s UK operations.

On Thursday, ministers are expected to announce a consultation on proposals that the annual pension increase be based on the Consumer Price inflation measure, which is usually below the Retail Price measure currently used.

Tata Steel is currently considering bids for its loss-making UK operations.

That sale process has been made more difficult by the £485m pension deficit.

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