Slaughter and May, Travers Smith and Hogan Lovells have advised on the UK's largest ever pension scheme restructuring, which sees Tata Steel offload the £15bn British Steel Pension Scheme (BSPS).

The Indian steelmaker signed an agreement today (11 August) to detach the BSPS from Tata Steel UK.

The separation was achieved through an unusual legal mechanism called a regulated apportionment arrangement, which allows a financially troubled employer to rid itself of defined benefit scheme liabilities.