LONDON The trustee for Tata Steel UK's pension scheme is set to tell its members it expects to report a scheme deficit of between 1 billion and 2 billion pounds at its next actuarial valuation at end-March.In a letter to members seen by Reuters, the trustee said Tata Steel UK has confirmed that it does not expect to be able to pay contributions needed to close the deficit.The trustee added that the deficit estimate had increased sharply because the actuary has to take into account the fact that Tata Steel UK might no longer be able to access extra capital from the wider Tata Steel group, which is based in India.
($1 = 0.7948 pounds)
(Reporting by Maytaal Angel; Editing by Alexander Smith)
This story has not been edited by Firstpost staff and is generated by auto-feed.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: Jan 26, 2017 22:15:05 IST