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 a third option for those not in retirement – A pension transfer. However, the time to evaluate that option is limited.
October / November 2017
British Steel pension will set up a helpline and hold meetings around the country to discuss the two British Steel Pension Options. It is our understanding the pension transfer option will not be discussed.
Members must choose between the PPF or the new scheme and return their ‘Time To Choose’ pack. The original deadline of 11 December 2017 has recently been extended to 22 December 2017.
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. It can take the British Steel pension trustees up to 12 weeks to deliver this information. If British Steel pensions do take 12 weeks to deliver a transfer value then any request for a pension transfer valuation after end November 2017 could be too late if you wish to transfer from the existing British Steel pension scheme.
With decisions to be made on the preferred British Steel pension option by 22 December 2017, it is possible the pension transfer route from the existing scheme will be removed at this point. However, it is more likely that transfer requests from the existing British Pension Scheme will be accepted through January, February and possibly into March 2018. The exact cut off date after which no further transfer requests will be accepted is unknown.
You may contact British Steel Pensions directly to request your transfer value.
It is important to consider ALL of your British Steel Pension options carefully. If you are still to retire, have a pension transfer valuation and you wish to include the transfer option in your deliberations 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 specialise in pension advise.
Note: The pension transfer option is not available to those who have already retired.
Why are final salary pension transfer values increasing?