The British Steel Pensions website states there are two options. Move with the current scheme into the PPF or switch to the new British Steel pension scheme. But there is (for a short time) a third option for those not in retirement – A pension transfer.
October / November 2017
Meetings were arranged around the country by the Trustees of the British Steel pension scheme to discuss the two options.
Members were given to 22 December 2017 to decide between PPF or the new British Steel scheme.
For those who wish to transfer out of the existing British Steel scheme before it falls into the PPF the deadline to supply all required information to the scheme administrators is 16 February 2018.
The new pension scheme (known as BSPS2) starts and the old British Steel pension scheme moves into the PPF.
Pension Transfer Key Dates
Based on current legislation the option to transfer from the current scheme will be removed in March 2018 when it falls into the PPF. The option to transfer out of the new scheme (BSP2) at some point in the future will remain although transfer valuations will probably be lower than they are today.
To consider a transfer you need a pension transfer value and (in most cases) an early retirement quote. The British Steel pension ‘time to choose’ website states that no further transfer valuations will be issued for the current British Steel pension scheme.
If you are still to retire, have a pension transfer valuation and you wish to include the transfer option then your time to act is limited. Call us on 0800 0438341 to learn more or email your question using the contact box and we will Email an answer (no cost or obligation). Read more on the transfer process in our free 9 Steps To A Pension Transfer Guide.
Free Pension Transfer Assessment
If you have your transfer value and need a fast, efficient, impartial recommendation on your best way forward from one of our Financial Advisers then why not book one of our free pension transfer assessments. Call Joanne on 0800 0438341 to book a call back from one of our advisers. We are FCA authorised and regulated and hold the relevant permissions to discuss, advise and action final salary pension transfers. We have been working with members of the British Steel pension scheme for over 18 months.
Why are final salary pension transfer values increasing?