We’ll tell you when we’ve received your completed option form

If we've received your completed option form, you should get a confirmation letter in no more than 10 working days.

We are writing to members with high/low pensions

If you have a high/low pension, and will still be getting the ‘high’ part on 29 March 2018, your choice could be affected by a change in the PPF’s rules. We’ll be writing to you about this in the week beginning 20 November.

Time to choose

Last updated 16 November 2017

It’s time to choose what happens to your British Steel pension. Should you move with the old scheme into the Pension Protection Fund? Or switch to the new British Steel Pension Scheme? The information on this site is to help you choose what’s right for you.

We’re holding meetings around the country. Please come along to hear from us in person about your options for your pension, and to ask questions.

For most members, the choice will be clear – especially if you’re already getting your British Steel pension. Others will need a bit more information and help. We’ll give you the information you need to help you choose.


New on the site: Scroll through the videos below to watch the member meeting from Motherwell and an interview with your trustees about your choice.

Question about your option pack? Phone the helpline.

If you have a question about your option pack, please phone the helpline – see below. Please don’t contact the Pensions Office about your option pack, as they are dealing with the daily administration of the scheme.

Read more…


Some members have no personal figures in their option pack

There are several reasons why this can happen. We might not have had all the information in electronic format. In other cases, we didn’t have all the information we needed to calculate figures in time for the option packs because members transferred in benefits from another scheme, or paid Additional Voluntary Contributions to add a period of service. We are working to make sure we have all this information available before the new scheme starts paying benefits and the current scheme moves into the Pension Protection Fund.

Read more…


We can’t send you any more figures

We won’t be sending you any more figures on top of what is in your option pack, because it’s not possible to do that in the time available. If you’re a non-pensioner and your option pack has no personal figures, you can find information about your deferred benefits in your latest deferred benefits statement. If you can’t find this statement, please phone the helpline and ask for a replacement.

We know that the lack of figures in your option pack could make it harder to choose your option, particularly if you are thinking about transferring your benefits to another pension arrangement. If you are thinking of doing that, you or your financial adviser can get a fact sheet here. This sets out in more detail how pension increases in the new scheme will be calculated. This will help your adviser carry out the analysis they need to advise you.

Read more…


Which envelope and which addresses should you use?

Sending back your option form

We included a Business Reply Envelope with your option pack that has an address in Sheffield. Please use that to return your option form to us – it doesn’t need a stamp.

If you’ve lost the envelope, you can send your option form to us at this address:

British Steel Pension Scheme
The Data Solutions Centre
Manton Wood Enterprise Park
Worksop
Notts
S80 2RT

For this address, you’ll need to put a stamp on your envelope. Whether you use this address or the envelope we’ve provided, your form will be on its way to us.

You can also bring your form to a meeting with the trustees. If you’re going to one of these meetings, you’ll have the chance to deliver your option form to a secure box there.

Sending back your meeting invitation

We included a Business Reply Envelope with your meeting invitation, too. The address on this envelope is:

Hg3 Conferences Ltd
4 Dragon Road
Harrogate
HG1 5DF

If you use the envelope we’ve provided, you don’t need to use a stamp. If you’ve lost the envelope, you can still post your form to this Harrogate address, but you’ll need to put a stamp on the envelope. You can also register for these meetings online.

Read more…

Helplines

Once you’ve received your options pack, if you have any questions about it, you can call our free, impartial helpline to talk through your pack with a pensions expert. We are paying for the helpline, so the experts won’t try to sell you anything – they are just there to answer your questions. They can’t give you advice – in other words they can’t tell you what they think the best option is for you.

 

If you’re a pensioner, phone 0808 168 8709 (or +44 (0) 1206 585 361 if you’re calling from outside the UK).

If you’re not a pensioner, phone 0800 085 7264 (or +44 (0) 113 823 1344 if you’re calling from outside the UK).

Lines are open Monday to Friday, 9am to 8pm.

When you call the helpline, please tell them your member reference number on your option form.

The Choice

You have two options.

Move with the current scheme into the Pension Protection Fund and get benefits from that

Switch to the New British Steel Pension Scheme and get benefits from that

If you are more than one year under your normal retirement age and you haven’t started taking your pension yet, you could also think about transferring out of the current scheme.

The new scheme will have to meet certain conditions before it can go ahead. For example, it will need to be sufficiently well-funded. We’re confident it will meet those conditions.

MEETINGS

We’re holding meetings around the country. Please come along to hear from us in person about your options for your pension, and to ask questions. Trustees will be there along with representatives from the Pensions Office, the Pension Protection Fund, and the impartial helpline. The meetings will last about two hours.

You’ll get an invitation in the post but if you register online you’ll get a confirmation email with a note of the time and date of your meeting. You’ll also get a reminder email nearer the time. This is the quickest way to register, and it means you’re more likely to get the meeting time you want.

If you can’t come to a meeting, you can watch a video of one. We’ll put it on this website soon.

We're holding as many meetings as we can. See the 'more information' section on the Questions and Answers page for why we've picked these locations and not others.

 
 
  • 19 October
  • 24 October
  • 26 and 27 October
  • 31 October
  • 3 November
  • 6 and 7 November
  • 9 November
  • 14 and 15 November
  • 16 and 17 November
  • 20 November
  • 24 November
  • 27 November

 

 

We’ve cancelled the meetings in Doncaster and Cardiff

We’ve had to cancel the meetings in Doncaster and Cardiff. This is because they weren’t very popular, and we want to make sure we’re holding meetings in places that as many members as possible can get to. If you’d registered for one of these meetings, we’ll be in touch to tell you about the other meetings nearby that we hope you can make it to.



We’ve added another date in Scunthorpe

We’ve added another day of meetings in Scunthorpe, on Monday 20th November.



We’ve added a meeting in Ebbw Vale

We’ve added a meeting in Ebbw Vale, on Friday 24th November.



We’ve added a meeting in Workington

We’ve added a meeting in Workington, on Monday 27th November.

Questions & Answers

Questions members are asking us – and our answers. If an issue is particularly important to you in making your choice, please don’t just rely on the answers here. Read your option pack carefully, and phone our helpline if you want to talk to an impartial expert about your situation.


Key Dates

  • • More questions and answers on this website
    • Newsletter sent to members
  • • Trustee starts sending out packs to members, with personal information
    • Members able to ask questions on the website
    • Helpline becomes available
    • Members invited to meetings around the country
  • • Deadline for members to choose their options
  • • We organise members into the two new options
  • • If it meets qualifying conditions, the new scheme begins and the current scheme starts moving into the Pension Protection Fund

News

We’ll produce newsletters, videos and other information to help you think through your options, and we’ll put them all here.

 

The information on this website is about your options as a member of the British Steel Pension Scheme and how to make your choice. You will be sent an option pack in early October to help make that choice. You should make sure you read and understand your personal information pack before making your choice. This website has more information about your options and why you are having to make a choice.

 

Your benefits under the current British Steel Pension Scheme are governed by its trust deed and rules. If you switch to the New British Steel Pension Scheme, your benefits will be governed by its trust deed and rules. If you move to the Pension Protection Fund, your benefits will be governed by the law that relates to the PPF. Your personal information pack and this website only summarise the main information that should help you choose your option.