16 Feb 2017 07:00
February 16, 2017
London Stock Exchange,
London
Dear Sirs, Madam,
Sub: Update on Pension Scheme, Tata Steel UK
The Company would like to inform that the National Trade Union Steel Coordinating Committee (Steel Committee) in the UK has announced with its statement dated February 15, 2017 that its members have voted to support the company's proposals including the proposal to close the pension scheme in the UK to future accrual.
The results of the ballot as per the statement from the Steel Committee are as follows:
Union | In favour of the proposals - Yes (%) | Turnout (%) |
Unite | 75.6 | 69.2 |
Community | 72.1 | 70.5 |
GMB | 74.0 | 51.5 |
The formal pension consultation is expected to conclude in the coming days and Tata Steel UK, will continue to review all of the responses and feedback received during this process and will continue to work with the Steel Committee and all relevant stakeholders.
This disclosure is made under Regulation 30 of SEBI (Listing Regulations and Disclosure Requirements), 2015. This is for your information and records.
Tata Steel (TTST)