British Steel Pensions - Time to Choose
I know that many of my constituents are members of the British Steel Pension Scheme (BSPS). As you may know Tata Steel UK last month received approval from The Pensions Regulator to enact a Regulated Apportionment Arrangement (RAA) in respect of the BSPS. As a result of this agreement, the BSPS has now separated from Tata Steel UK. Following this change, members of the BSPS now have the option to transfer into a new scheme or follow the existing scheme into the Pension Protection Fund. This is an important decision and the best option for you may depend on your own circumstances.
The BSPS Trustee will be running regional roadshows across the country to answer any questions BSPS members may have. For my constituents, the closest roadshow will be taking place in Sheffield, at The International Hall, Ponds Forge International Sports Centre, Sheaf Street, S1 2BP. There will be three sessions on 26 October (10 am-12 pm, 2-4 pm and 7-9 pm) and a further three on 27 October (10 am-12 pm, 2-4 pm and 7-9 pm).
This is a crucial decision for pensioners and it is really important that the options are considered carefully.
If you would like to register for a session, or would like further information on these changes, please visit the dedicated BSPS website, http://www.bspensionschoose.com/, or contact the Trustee on the below helplines:
Pensioners (including spouses and dependants): 0808 1688 709. For outside the UK: +44 (0) 1206 585 361
Non-pensioners: 0800 085 7264. For outside the UK: +44 (0) 113 823 1344
Lines are open Monday to Friday, 9am to 8pm.