More than 25,000 steelworkers did not return their 'options forms' and as a consequence will remain in the current British Steel Pension Scheme (BSPS) for now, to move into the Pension Protection Fund (PPF) at the end of March.
Of 122,000 members, fewer than 97,000 members completed and returned 'options forms', of which 86% were from members choosing to switch to the New BSPS and 14% were from members choosing to move into the PPF. The 25,000 that did not return an ‘options form' included members who wanted to move into the PPF, members who decided to take a transfer payment, and members who did not engage in the process. Provisional estimates have suggested that members transferring to the New BSPS will represent about 80% of the current scheme's assets and liabilities. The new scheme will provide the s...
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