Thank you to everyone who has taken part in the Time to Choose exercise. 13,000 members came to our meetings around the country. 32,000 members have visited this website. Around 97,000 members sent back a valid option form. Of those, around 80,000 chose to join the new British Steel Pension Scheme and 17,000 chose to move with the current scheme into the Pension Protection Fund.
Some non-pensioners have chosen to transfer out to a different pension arrangement. The remaining members, who didn’t return a valid option form before the deadline, will move with the current scheme into the Pension Protection Fund.
Every member over their normal retirement age (usually 65) who is already receiving a pension will see no change to their monthly amount at the end of March, whichever option they chose. This also applies to people receiving an incapacity, spouse’s or dependant’s pension. Members under 65 and already receiving a pension will receive a reduced pension if they move into the Pension Protection Fund. If they switch to the new scheme their pension won’t be reduced.
For more information, click one of the boxes above.
Your benefits under the current British Steel Pension Scheme are governed by its trust deed and rules. If you switch to the New British Steel Pension Scheme, your benefits will be governed by its trust deed and rules. If you move to the Pension Protection Fund, your benefits will be governed by the law that relates to the PPF. Your personal information pack and this website only summarise the main information about choosing your option.