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As On 27-Mar-2023 EOD, Market Closed
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  • Tata Steel UK supports BSPS securing insurance cover for 60% of its liabilities

    Balance buy-in of 40% of liabilities to be completed in HY CY23

    In December 2022, the British Steel Pension Scheme (BSPS) Trustee, has transacted a third buy-in policy with Legal & General, under which around 30% of liabilities (£2 billion) were insured, bringing the total insured to around 60%. The buy-in insurance policies purchased using existing assets of the scheme, are held as long-term investments of the Scheme and have the advantage of perfectly matching a proportion of the liabilities, thereby de-risking the scheme from potential future mismatch between asset and liability values with changes in market variables. As of 30 September 2022, the BSPS represented a net surplus in the Tata Steel balance sheet of £1.5 billion. During the period of unprecedented interest rate volatility in the UK in September-October 2022, the BSPS funding level actually improved, and it had sufficient collateral to maintain its interest rate and inflation hedges. Overall, the scheme continues to have a healthy surplus and its risk position has improved since its restructuring in 2018, and quarter-on-quarter.

    The BSPS Trustee previously entered into buy-in policies with Legal & General in November 2021 and May 2022 to insure 5% and 25% of liabilities respectively (totaling about

    £2.8 billion). Tata Steel UK is fully supportive of the Trustee having secured insurance cover of the scheme's liabilities and expects that a residual buy-in for the remaining

    40% of liabilities will be completed in the first half of calendar 2023, depending on market conditions. With full insurance buy-in completed, the scheme and in turn Tata Steel UK will be fully covered against any funding shortfalls arising from changes in underlying conditions or market variables in future.

    With each buy-in, a portion of the accounting surplus has been “utilized” to secure insurance for the scheme. In addition, changes in interest rates (along with changes in credit spreads and other actuarial assumptions) also results in changes in the discounted present value of assets and liabilities. Accordingly, in line with previous quarters, there will be a non-cash deferred tax charge in the profit and loss related to the reduction in the pensions surplus (which is recorded under other comprehensive income). Tata Steel expect the same accounting treatment for the residual buy in transaction for the scheme liabilities.

    The BSPS is an independent fund with a team managed by its own board of Trustees, separate from Tata Steel UK. Earlier in 2022, the Trustee appointed Legal & General Investment Management (LGIM) to manage the combined assets of the Scheme, bringing additional skills and expertise as the scheme approaches full buy-in.



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Flash News 27-Mar-2023
  •  ( 9:59) IndusInd Bank appoints Vikas Muttoo as COO of BFIL  
  •  ( 15:49) Pharma shares outperform  
  •  ( 15:49) Sensex, Nifty end with limited gains  
  •  ( 14:44) Key barometers hit fresh intraday high; FMCG stocks edged higher  
  •  ( 14:26) HDFC board OKs raising Rs 57,000 cr via NCDs  
  •  ( 14:17) Mahindra Logistics, Ascendas-Firstspace to set up warehouse park in Pune  
  •  ( 13:37) Nifty above 17,000; European shares advance  
  •  ( 13:32) L&T wins large orders for power transmission & distribution business  
  •  ( 13:03) M&M acquires 7.67 crore shares of Mahindra Aerospace for Rs 31.47 crore  
  •  ( 12:57) FDC's API facility clears USFDA inspection  
  •  ( 12:35) J Kumar Infra JV bags LoA from BMC  
  •  ( 12:35) Sensex gains 344 pts, IT stocks advance  
  •  ( 12:30) Arvind SmartSpaces sells entire inventory of plotted development project in Bengaluru  
  •  ( 12:28) ISGEC Heavy Engg bags order from MAHAGENCO  
  •  ( 12:17) Paytm gets RBI extension for PA application resubmission  
  •  ( 11:39) Metal stocks edge higher  
  •  ( 11:39) Equity benchmarks pare some gains  
  •  ( 11:33) Crompton Greaves proposes merger with Butterfly Gandhimathi  
  •  ( 11:19) Manappuram Finance to consider fund raising via debt offering  
  •  ( 11:00) Dalmia Bharat arm to divest 42.36% stake in DBRL  
  •  ( 10:55) Morepen Lab Baddi facility clears USFDA inspection  
  •  ( 10:54) L&T Finance gets RBI nod for merger with its subsidiaries  
  •  ( 10:49) Rites JV bags Rs 122-cr order  
  •  ( 10:31) Deepak Fertilisers re-appoints Sailesh Mehta as chairman & MD  
  •  ( 10:19) Lupin gets USFDA nod for dyskinesia drug  
  •  ( 09:57) Grasim Inds buys 220-acre land in Gujarat for Rs 255 cr  
  •  ( 09:54) Sitharaman reviews state banks amid global financial scenario  
  •  ( 09:48) NBCC arm bags order from AIIMS for Rs 81 cr  
  •  ( 09:38) Market breadth in favor of sellers  
  •  ( 09:38) Sensex, Nifty trade sideways  
  •  ( 09:30) Zydus Life Ahmedabad facility gets three USFDA observations  
  •  ( 08:55) Sun Pharma to buy 60% stake Vivaldis Health for Rs 143 cr  
  •  ( 08:41) Asian stocks trading mixed  
  •  ( 08:29) RattanIndia's Revolt Motors opens 15 new dealerships  
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27 March 2023 00:00
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