- 10 updates
ITV News' Wales Correspondent Rupert Evelyn reports the latest from his sources close to the Tata Steel bidding process and explains what the latest consultation step means for the steel workers.
The steel trade unions have welcomed the Government's consultation on changes to pensions law as part of efforts to save Tata Steel and called on the company to uphold its "legal, social and moral responsibilities" to steel workers.
In a combined statement, Community, Unite and GMB endorsed the move to avoid the "unmitigated disaster" of the British Steel Pension Scheme (BSPS) going into the financial safety net of the Pensions Protection Fund (PPF) with a sale of Tata's assets.
The Human Resources director for Tata Steel's European operations said the consultation would enable a "better outcome" for the vast majority of members of the BSPS.
Business Secretary Sajid Javid has confirmed the Government is set to launch an "open consultation" on changes to pensions law as part of efforts to save Tata Steel despite being "very wary of setting a precedent".
The consultation, which will run until June 23, sets out a number of different options for the British Steel Pension Scheme and its 130,000 members.
The scheme includes 14,000 people currently employed by Tata or another employer, 32,000 are deferred (no longer employed by Tata but below the scheme's normal pension age) and 84,000 pensioners.
The Government has been warned against the impact of setting a precedent by seeking to change pension law.
"No decision (on Tata's future) has been made," Mr Javid told MPs. "We are very wary of setting a precedent ... this is very much about this scheme and this scheme only in these very unique circumstances."
Shadow business secretary Angela Eagle warned against cutting the fund's long-term liabilities by benchmarking it to the consumer price index (CPI) rather than the higher retail price index (RPI), saying: "This change is currently illegal."
The GMB union has called on the Government to "take responsibility" for the pensions of Tata Steel workers and urged against any change in laws.
Ministers are considering changes to pension laws, which would leave steelworkers worse off in retirement but still fare better than many employees in other pension schemes.
Former Minister of State for Pensions Steve Webb has issued a warning over the government's proposed changes to pensions laws.
Mr Webb said that what may initially seem appropriate to rescue Tata Steel's UK business could create an adverse knock-on effect for other pensioners.
Joel Hills says no buyer wants to touch Tata Steel's UK pension liabilities "with a barge pole".
The government is considering changes to pension laws to reduce the burden and attract investment.
Our business editor says this could have wide-reaching implications beyond the steel sector.
The government is "going down a very dangerous path" in seeking to change pension laws to save Tata Steel's UK operation, an ex-Liberal Democrat pensions minister has said.
Steve Webb said any changes could affect the pension security of "hundreds of thousands of workers, well beyond the steel industry".
Steelworkers' pensions must be protected in any plan to save Tata Steel's UK operation, Labour has said.
ITV News understands ministers are exploring ways of reducing the firm's UK pension burden in a bid to attract buyers.
Reacting to the reports, Owen Smith, Labour's shadow work and pensions secretary, said:
Latest ITV News reports
The plan would leave steelworkers worse off in retirement - but not as worse off as those in other pension schemes.
Ministers are considering changes to pension laws in an attempt to persuade Tata abandon its planned sell-off.