This website has useful information about the Old British Steel Pension Scheme (the Scheme). This includes updates on progress through 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 been making sure that the Scheme's PPF assessment period runs smoothly and that members continue to receive the right benefits. More recently, we've also been working on the possibility of securing a 'buy-out' for the Scheme.
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 the PPF and PIC and contact details for the administration team at Barnett Waddingham.
You can also read questions and answers which you might find useful.
We previously reported that the Scheme was expected to exit its PPF assessment period. In order to do this, a funding valuation has to be carried out to confirm that the Scheme has enough assets to secure benefits for members equivalent to what the PPF would provide. The valuation has now been completed and this confirmed there are enough assets for this. This means that the Scheme will exit its PPF assessment period and will complete a buy-out with PIC towards the end of 2021 instead of transferring to the PPF.
You don’t have to take any action, and this valuation doesn’t impact any other exercises the Scheme is currently going through. We’ve sent a letter to you with more details about the valuation for your information.
We'll continue to keep you updated by post.
The day-to-day administration of the Scheme is provided by Barnett Waddingham. You can find their contact details on the contact us page.
If you opted to switch to the new British Steel Pension Scheme in the ‘Time to Choose’ exercise, please go to their website at bspspensions.com.
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