Trustees of the British Steel Pension Scheme (BSP) say “good progress” is being made on plans to complete a buyout with Pension Insurance Corporation (PIC) despite having to move its expected date of completion into 2022, while the FCA has warned firms it will take action against bad advice given to members.
In a letter to scheme members, trustees of the beleaguered scheme confirmed it had exited its Pension Protection Fund (PPF) assessment period on 9 November. "We now expect to complete buyout by late summer 2022," the letter said. "The scheme was able to exit its PPF assessment period because there is enough money in the scheme for PIC to provide guaranteed future pension payments for all members at, or above, PPF levels of compensation." In previous communications with BSPS members, trustees had said the scheme expected the buyout to complete by the end of 2021. "Unfortunately, this p...
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