Tata Steel, the Indian conglomerate whose large British pension fund has been at the centre of talks over the future of its troubled UK business, has agreed a deal with regulators to offload the scheme.

Tata acquired Corus, the former British Steel, in 2007. In 2016, it announced the UK operations were lossmaking and it was looking to sell them, but the company's large final salary pension fund, which has £13.6bn of assets and a £1.5bn deficit, proved a sticking point.