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 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.
The Scheme is now expected to exit its PPF assessment period and complete a buy-out with PIC towards the end of 2021. You don’t have to take any action, but you will be affected by the buy-out. This website has information about this important step and some other things about the Scheme that you might find useful. See our latest communication.
We’ll continue to keep you updated by post, but you can also find our most recent letters on the member communications page.
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