Steel pension deal 'lesser of two evils' - unions

Steel company Tata has formally announced it is to separate its UK pension scheme from the business.

It could mean a potential merger between the Indian-owned firm and the German steel producer ThyssenKrupp is more likely to move forward.

The £15bn British Steel Pension Scheme (BSPS) has been a significant barrier to any agreement.

Tata has been in negotiations with pension regulators and trustees of the scheme.

Gary Keogh, multi-unions vice chairman at Port Talbot, said there were "no happy endings" but workers now had options to choose from - joining the new pension scheme, pooling their pot or joining the Pension Protection Fund.