About the PPF

What is the Pension Protection Fund and what do we do? – this booklet, which is commonly provided to scheme members after a qualifying insolvency event, gives a basic introduction to the PPF and what happens in an Assessment Period. 

Common misconceptions about the PPF – this factsheet clarifies some of the common misunderstandings about the PPF. 

Restructuring and Insolvency – The PPF Approach – this factsheet explains why we enter into restructuring/rescue agreements, and summarises the principles we use to make our decisions.

Assessment Period

The current British Steel Pension Scheme is expected to start what we call a PPF ‘Assessment Period’ on 29 March 2018. 

This is when we and others work to make sure that all the data is accurate and that members are receiving the right benefits. This work has to be done before the scheme can move fully, or as we say ‘transfer’, into the PPF. It is a complicated process and so can often take a few years to complete. 

During this time – in other words from 29 March 2018 until the end of the Assessment Period – members who choose to stay in the current scheme will receive benefits at PPF levels. 

PPF Compensation 

The amount of benefits (or ‘compensation’ as we call it for members in the PPF) you could receive will depend on your personal circumstances. 

To find out more about PPF compensation levels and how we apply increases, please see here

The letter, which you should now have received, sets out examples of how your PPF compensation would be calculated and how these compare with the new scheme. These will vary according to your personal circumstances. Below are some links to further helpful resources:   

Current PPF Early Retirement Factors

Current PPF Late Retirement Factors

Current PPF Commutation Factors*

Current PPF Compensation Cap Factors

*Please note these factors are reviewed regularly and may change in the future.

Some members may also find the following booklets helpful: