‘Transferring out’ is only available to members who are not yet taking their pension and are more than a year under their normal retirement age (usually 65). Other members cannot transfer out.
We have previously explained that members wishing to consider taking a transfer needed to ask for a transfer value quote by 11 December 2017. We have also previously explained that members deciding to take a transfer would need to submit all their completed paperwork by 16 February 2018 in order for the transfer payment to be made before 28 March (although that could not be guaranteed).
If you have a transfer quote and the guarantee period has not expired, you can still request payment of your transfer value but you might have left it too late – see below.
If you requested payment of your transfer value on or before 16 February, we will be doing our best to pay the transfer before 28 March – see below.
If you request payment of your transfer value after 16 February and before 28 March, we may not be able to pay the transfer before 28 March – see below.
If you have not already requested a transfer value quote, it is now too late for a new quotation request to be processed and you will not be able to take a transfer from the current scheme.
If you requested a transfer value quote on or before 31 December 2017 and have not yet received it, please contact the Pensions Office using the contact details below.
If you requested a transfer value quote after 31 December 2017 and have not yet received it, it is now too late for your quotation request to be processed and paid, and you will not be able to take a transfer from the current scheme.
If you have a transfer quote but the guarantee period has expired, it is too late to request another transfer quote. The guarantee period will not be extended, and you will not be able to take a transfer from the current scheme.
If you submitted all your transfer paperwork on or before 16 February then your transfer will be paid on the basis of the value quoted. This will be the case even if the transfer is not paid until after 28 March. However, if it is to be paid after 28 March, you will be sent a form to sign to confirm that you still wish to proceed.
If you submit your paperwork after 16 February then it is most unlikely that we will be able to pay the transfer from the current scheme before 28 March. You may be able to take a transfer from the new scheme at a later date if, at that time, you are more than one year before your normal retirement age. You’d need to start the process again by requesting a new transfer value quote from the new scheme. Your transfer value in the new scheme is likely to be lower than your transfer value in the current scheme, to reflect the fact that the overall benefits, including possible future increases, could be lower in the new scheme.
If you submitted all your paperwork on or before 16 February then your application will be processed ahead of applications received after 16 February.
If you submit all your paperwork after 16 February but on or before 28 March, these requests will be processed after those received on or before 16 February.
In either case, payments made on or before 28 March will be paid on the basis of the value quoted. After that, the transfer value you get might be reduced. This is because the transfer value payable in these circumstances cannot be more than the cost of providing the compensation payable to you by the PPF. If your transfer cannot be paid until after 28 March and would then be reduced, you will be asked first whether you still wish to proceed with the transfer.
If you don’t submit all your transfer paperwork before 29 March, then you won’t be able to transfer out and you won’t have any further opportunity to transfer out.
If you follow the transfer out process according to the timetable and transfer out of the current scheme, that will override your choice on your option form. That’s because you will have transferred out before the scheme changes on 28 March.
If for any reason you don’t transfer out, then your pension will follow your choice on your option form. If we didn’t receive a valid option form from you, your pension will start moving with the current scheme into the Pension Protection Fund. See the Questions and Answers section for more details, and the timetable for transferring out.
If you are eligible to transfer out and you have chosen to switch to the new scheme, you will have the option to transfer out of that scheme after 29 March 2018. Remember, transfers out of the new scheme will reflect the benefits payable from that scheme. If you are moving into the Pension Protection Fund, you will not be able to transfer out.
We will confirm in writing to members when the full transfer documentation has been verified and then again when the transfer payment has been made.
We have set up a dedicated hotline at the Pensions Office, just for transfer enquiries, and have brought in extra staff to operate it. You can contact this Transfer Helpline on 0330 440 0850 or email firstname.lastname@example.org
Please help us to work efficiently by only calling when necessary – for example if you have some information that we have asked for. If you are seeking an update please only do so if you have already confirmed with your new pension provider and financial adviser that they have sent us the information set out in our transfer quote letter. Dealing with unnecessary calls will delay your transfer and those of other members.
We will work through transfers in order. We can only make payment once we receive all the completed paperwork for them. So even if you have made a request some time ago, we could be waiting for documentation from your new pension provider or financial adviser.
The Pensions Office will continue to administer the old scheme until 28 March. Its contact details are on the old scheme’s website.
If you have a question that’s not about transferring out, please check the Questions and Answers section of this website first. If the answer’s not there, you can contact the Pensions Office – details on the old scheme’s website. The Pensions Office is very busy working on the new arrangements, so please only call if it’s urgent.
Are you a non-pensioner looking at transferring out of the current scheme? Watch out for unauthorised advisers or scammers who could try and con you out of your pension. See ‘Do I need to watch out for scams?’ in the transferring out section of our Questions and Answers. If you’re already receiving a pension, or are at least 64 years old, this doesn’t apply to you, because you can’t transfer out.
Our Questions and Answers page has a section all about transferring out. It also has other sections covering other questions members have asked us. Now that the deadline for choosing your option has passed, some of these questions are not relevant any more. But many of the others could still be useful, so we have left them all available to read.
Newsletters, videos and other information.
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.