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Steel pension changes considered Pension benefits may be cut in bid to solve Tata Steel crisis
(35 minutes later)
Government considering changes to British Steel pension scheme to help protect steel making in the UK. The government is considering cuts to British Steel pension benefits in a bid to save Tata Steel's UK operations.
This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version. 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.
If you want to receive Breaking News alerts via email, or on a smartphone or tablet via the BBC News App then details on how to do so are available on this help page. You can also follow @BBCBreaking on Twitter to get the latest alerts. 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.
In total the British Steel pension scheme has 130,000 members; it is not clear how many of those would be affected by the new proposals.
Business Secretary Sajid Javid and Welsh First Minister Carwyn Jones visited Mumbai on Wednesday to meet Tata executives.
It was thought the company might announce a shortlist of bidders, but Tata would only say that bids were still under "active consideration".
Last month Mr Javid told MPs that potential buyers of the UK steel business were being deterred by the deficit in the pension scheme.
Analysis: Simon Jack, BBC business editor
The pension fund and its deficit have been a source of unease for the current owners Tata and a deal-breaker for any would be buyers.
Reducing its burden will make a sale easier and may even convince Tata to hang on to its UK steel business.
Any such change would be very controversial as it would set what some would see as a dangerous precedent.
The move is evidence of the Business Secretary's sense of urgency to resolve an industrial crisis which has put 10,000 steel workers' jobs in imminent danger.