British Steel have announced that that they have agreed terms for separating the British Steel Pension Scheme from Tata.
We understand that all members will be sent out shortly details of the various options available. It is likely that full information will be provided by October.
So, what are the options available?
1. Stay with the existing scheme which will fall into the Pension Protection Fund.
2. Move into the new scheme which will be lower than the old scheme.
3. Transfer to a personal pension. We understand from the trustees that this option will be included in the newsletter to be sent out.
The full details of the announcement can be found on the British Steel Pension website www.bspensions.com
We have seen unprecedented demand over the last few weeks from British Steel members and we have allocated more resources to meet this demand. If you have obtained a deferred pension statement which includes the transfer value these are only guaranteed for a certain period of time, therefore it is worth seeking the appropriate advice early.
Our website has a number of guides regarding Defined Benefit Schemes, please take a look or contact us on 01642 661600 or firstname.lastname@example.org.