This website has useful information about the Old British Steel Pension Scheme (the Scheme). This includes updates on the Scheme’s Pension Protection Fund (PPF) assessment period, and the 'buy-out' process with Pension Insurance Corporation (PIC). Please check back here regularly for the latest news.
All the information here is provided by Open Trustees, the trustee of the Scheme. We were appointed to look after the Scheme when it entered its PPF assessment period on 29 March 2018. Since then, we've overseen the completion of the Scheme's PPF assessment period and made good progress towards completing a buy-out with PIC.
You can read the general information we have posted out to members since we were appointed, on the member communications page. There are also useful links to information about PIC and contact details for the administration team at Barnett Waddingham.
You can also read questions and answers which you might find useful.
Following the funding valuation in February 2021, which determined the Scheme has enough money to provide benefits at or above the level that the PPF would provide, the Scheme exited its PPF assessment period on 9 November 2021. The Scheme will now work towards completing a buy-out with PIC.
We originally expected to complete the buy-out by the end of 2021, unfortunately this process is taking longer than expected. This is because of recent legal rulings affecting pensions in general, not just this Scheme.
The rulings mean that we now have to do more work to finish our calculations. Because of this extra work, we expect to complete the buy-out with PIC by late summer 2022.
We’ve sent a letter to members with more details about the Scheme exiting its PPF assessment period and an update on the buy-out process.
We'll continue to keep members updated by post.
Need to update your personal details or have any questions about your benefits? Contact your Scheme administrators, Barnett Waddingham:
If you moved over to the new British Steel Pension Scheme in March 2018 you can find all the information about your scheme here: www.bspspensions.com