This website has been set up to provide you with access to useful information about the Old British Steel Pension Scheme (the Scheme), including updates on progress through the Pension Protection Fund (PPF) assessment period and the future of the Scheme.
You can access the general updates issued during the PPF assessment period on the Member Communications page, useful links to information about the PPF and contact details for the administration team at Barnett Waddingham. You can also access some questions and answers here which you may find useful following our latest news about investigating whether a buy-out with an insurer is possible for the Scheme.
If you’re thinking of retiring early or exchanging some of your pension for a lump sum when you retire, you might get different terms from an insurer than you would from the PPF. Please see FAQ 6 if you think this might affect you.
We hope you find the information provided useful and we would encourage you to check here for future updates.
Since 29 March 2018, the Scheme has been in an ‘assessment period’ with the PPF. Open Trustees have been looking after the Scheme to make sure the PPF assessment period runs smoothly and importantly, members continue to receive the right benefits.
As you can imagine, there’s lots of administration work to do during this time. From checking that all our data is complete and we have the right addresses for our members, to making sure the Scheme’s assets are invested properly.
It’s possible completing this work for the PPF assessment period could take us into 2021. We’ll continue to keep you updated by post, but you can also find all the most current information here.
The Trustee of the Scheme is now Open Trustees, and the day-to-day administration is provided by Barnett Waddingham. You can find the contact details for Barnett Waddingham in the ‘Contact us’ section of this website.
If you opted to switch to the new British Steel Pension Scheme in the ‘Time to Choose’ exercise, you can find their website at www.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