Speaking in Parliament, Mr Javid said he was "wary of setting a precedent".
Tata is looking to sell its loss-making UK business but the pension deficit is said to be hampering the process.
However pension experts warned earlier that the changes could take ministers down a "dangerous path".
Mr Javid has launched a consultation to consider the financial situation of Tata's UK pension scheme. He said the government was considering the proposals at the request of the trustees of the pension scheme and that any changes would need the approval of the regulator.
He stressed that several options were being considered.
"No decision has been made. We are wary of setting a precedent," he said.
"This is very much about this scheme and this scheme only, in very unique circumstances."
How steel workers' pensions could be hit
One option under discussion is to base the scheme's annual increase on the Consumer Prices Index (CPI) inflation measure, which is usually below the Retail Prices Index (RPI) measure currently used.
This is the path favoured by the British Steel Pensions Scheme as they say it would leave most of the pension holders either better off or no worse off, compared with entering the Pension Protection Fund (PPF), which is the likely alternative.
The PPF is a pensions lifeboat, funded by companies, designed to protect pensioners if their scheme were to go under. However, steel workers would be worse off under it.
The company and the steel trade unions also welcomed the consultation, with the union saying that entering the PPF would be an "unmitigated disaster".
"We need to ensure that there are cast iron safeguards in place so this unique situation does not result in employers dodging their pensions responsibilities," the union added in a statement.
In total the British Steel pension scheme has 130,000 members. The scheme has a deficit of Â£485m.
Earlier, former Lib Dem pensions minister Steve Webb said: "The government is going down a very dangerous path.
"Everyone has huge sympathy for steel workers and for efforts to protect jobs, but rushed changes to pension rules risk driving a coach and horses through the pension security of hundreds of thousands of workers well beyond the steel industry."
Meanwhile the pensions expert Tom McPhail  from Hargreaves Lansdown said: "The potential deal on British Steel could rip a hole in one of the most fundamental principles of pension provision. It is well-established that pension benefits, once granted cannot be taken away."

The 111 number, which has been tested in four areas, will be available nationally by April 2013.
The service will replace NHS Direct, which the government announced it was scrapping last year.
It will give health advice and information about services such as out-of-hours GPs, walk-in centres, emergency dentists and pharmacies.
The government says it will reduce confusion and effectively abolish the concept of "out-of-hours" in the NHS.
After pilot schemes in County Durham, Nottingham, Lincolnshire and Luton, the service will be extended to the Isle of Wight and Chesterfield before Christmas.
The government says NHS Direct is expected to "retain a role" in its the delivery, staffed by call advisers supported by nurses.
Currently, around 14,000 people a day call NHS Direct for medical advice, with the service costing Â£123m a year to run.
Health Secretary Andrew Lansley said: "The new 111 service will mean patients can access the whole of the NHS through just one simple number.
"This marks another important step in modernising the NHS and giving patients greater control and choice over their healthcare."
Dr Clare Gerada, chairwoman of the Royal College of General Practitioners, said: "Not only will callers to the service be advised on what to do but also be directed to the appropriate local service to address their need consistently.
"However, patients should be aware that this is not a replacement for the current system and that they can continue to call their GP practice as normal."
The change will not affect existing NHS helpline services in Scotland and Wales.
Critics claimed the decision to scrap NHS Direct would undermine the quality of the service by reducing the number of qualified nurses answering calls.
And shadow health secretary Andy Burnham said last year that the service saved the NHS Â£200m a year and played a key role in taking pressure off the health service.
But last June the British Medical Association said MPs should consider scrapping the telephone service, saying it was not cost-effective.
Proposals to change Tata's pension scheme would be unique to the company and would not be applied more broadly, Business Secretary Sajid Javid has said.
[NEXT_CONCEPT]
A non-emergency telephone number for NHS services is to launch across England, the Department of Health says.