British Steel Pension Options

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. There is, however, a third option for those not in retirement – A pension transfer – but time to evaluate that option is limited. Call us on 0800 0438341 to learn more or email your question using the contact box and we will Email an answer.

Key Dates *

August 2017

‘Time To Choose’ Information leaflet sent to scheme members.

October 2017

Trustees of the British Steel pension scheme will send personal information to all members on their pension options. It is our understanding this information will NOT include a pension transfer value UNLESS the member has previously requested a transfer value in which case an update will be provided.

October / November 2017

British Steel pension will set up a helpline and hold meetings around the country to discuss the two (PPF or new scheme) pension choices. It is our understanding pension transfer will not be discussed.

December 2017

Members must choose between the PPF or the new scheme. It is not clear if a decision to transfer must also be made at this point

March 2018

The new pension scheme starts and the old scheme moves into the PPF.

*    Dates are taken from British Steel ‘Time to Choose’ booklet  Issue 1 August 2017. The transfer option is not available to those already in retirement.

Pension Transfer Key Dates

Read more on the transfer process in our free 9 Steps To A Pension Transfer Guide. Or call us on 0800 043 8341 to learn more

To consider a transfer you need a pension transfer value and (in most cases) an early retirement quote. It can take the British Steel pension trustees up to 12 weeks to deliver this information.

Based on current legislation the option to transfer from the current scheme will be removed in March 2018 when the old pension scheme falls into the PPF. With decisions to be made on the preferred pension option in December 2017, it may be the pension transfer route will be removed at this point.

If British Steel pensions do take 12 weeks to deliver a transfer value and if final decisions must be made in December 2017 on the British Steel pension option you wish to take then if pension transfer values have not been requested by end September 2017 it may be too late.

It is important to consider ALL of your options carefully. Should you wish to include the transfer option in your deliberations then your time to act is limited.

 

To discuss your final salary pension options (without initial cost or obligation) call us on 0800 043 8341 or email enquiries@thepensionreviewservice.com. Should you have any questions simply complete the contact box and we will Email you an answer (no cost or obligation).

Note: The pension transfer option is not available to those who have already retired.

Further Reading

The benefits of a final salary pension transfer.

The risks associated with a final salary pension transfer.

How is the cash transfer value of a pension calculated?

Why are final salary pension transfer values increasing?

Finding a financial adviser to discuss a pension transfer.

Key information required to transfer a final salary pension.

What should you expect to pay for pension transfer advice?

Transfer from a final salary pension scheme – A summary.

Final salary pension transfer – Is it for me?

9 Steps To A Pension Transfer – Free Guide.

Final salary pension transfer – Frequently asked questions.