Welcome to the Pension Protection Fund site for British Steel Pension Scheme (BSPS) members


The Old British Steel Pension Scheme has, as of 29 March 2018, entered a PPF Assessment Period.

If you opted to switch to the New British Steel Pension Scheme in the ‘Time to Choose’ exercise, you can find the New Scheme website at www.bspspensions.com.

The Trustee of the Old British Steel Pension Scheme is now Open Trustees, and the day-to-day administration is provided by Barnett Waddingham. You can find the contact details for Barnett Waddingham in the ‘Contact’ section of this website.

If you remained in the Old British Steel Pension Scheme, you will have received an initial communication in March. You will in April 2018 receive a further letter providing more information on the Scheme’s entry into a PPF Assessment Period and about the PPF.

Transfers out: Update for Members who have not chosen to switch to the New Scheme

Members who have submitted valid transfer requests on or before 16 February are expected to have their benefits paid out on the basis of the original quotation although this cannot be guaranteed.Members who have submitted valid transfer requests after 16 February but on or before 28 March 2018 will have their transfers made under the PPF compensation rules and, in some cases, reductions may apply. If no reduction applies, your request will be paid automatically by Barnett Waddingham. Where a reduction would apply, members will be contacted and have the opportunity to withdraw their transfer request.Members who did not submit all paperwork before 29 March will be unable to transfer out now the scheme is in PPF assessment.

Members should now contact the new administrators, Barnett Waddingham. Their contact details can be found here.

The Glasgow Pensions Office is no longer able to deal with enquiries from members who have not chosen to switch to the New Scheme.

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