Update for members who chose to switch to the new scheme
All valid transfer requests received on or before 16 February by the old scheme will be paid on the basis of the original quotation even though payment is being made after 28 March 2018 by the new scheme.
Because transfer requests received before 16 February were addressed to the old scheme and your payment is now being made by the new scheme, we are required to write to you confirming that you still wish to continue with your transfer. This is a technical requirement and will not impact on your transfer value which will continue to reflect your original quotation.
Confirmation letters will be issued during the week commencing 2 April and will include a first-class pre-paid envelope for affected members to reply.
Transfer requests received after 16 February by the old scheme will not be paid by the new scheme, but most members affected by this will be able to apply for a new transfer quotation from the new scheme.
Update for members who have not chosen to switch to the new scheme
Members who have submitted valid transfer requests on or before 16 February are expected to have their benefits paid out on the basis of the original quotation although this cannot be guaranteed.
Members who have submitted valid transfer requests after 16 February but on or before 28 March 2018 will have their transfers made under the PPF compensation rules and, in some cases, reductions may apply. If no reduction applies, your request will be paid automatically by Barnett Waddingham. Where a reduction would apply, members will be contacted and have the opportunity to withdraw their transfer request.
Members who did not submit all paperwork before 29 March will be unable to transfer out now the scheme is in PPF assessment.
Members should now contact the new administrators, Barnett Waddingham. Contact details can be found here.
The Glasgow Pensions Office is no longer able to deal with enquiries from members who have not chosen to switch to the new scheme.
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.