[Closed] Anyone else in the British Steel pension scheme?

or add it to an existing scheme, assuming you have another one....

Yes, 12 years worth, Its a gamble but i went with the new scheme, at 43 still a long time for things to change.

I've gone for pension protection scheme. very little in it but I get a slightly better lump sum if I retire early.

Also, who's to say that the new scheme won't struggle?

Going to speak to the helpline at lunch and get a transfer value to go into my current employers scheme.

My concern with the new scheme is the 33% stake in TSUK who currently have assets of £966m alongside liabilities of £2.3bn!

I've got 10 years worth, a decent while til I retire. I went for the new scheme.

Just out of interest. Whereabouts did you all work at British Steel. I was at Teesside labs for 10 years. Managed to visit all the main works for various projects.

I worked for GrantRail who were a BS subsidiary via a few different names.

8 years worth from Ravenscraig. Went for PPS due to better lump sum.
Also noticed when reading through leaflets i was sent that pensions paid into before 2006 can be accessed from age 50 inrtead of the now normal 55.

I used to enjoy trips up to Ravenscraig. Manzils in Hamilton for great curry nights 😀

So is the new scheme just a defined contribution type scheme? Can't seem to find this basic info anywhere!

So for info if anyone else drops into this thread, the new scheme is still a defined benefits scheme. You can still request a transfer valuation to send your money to a defined contributions scheme and therefore weigh up what performance you'd need to achieve from your defined contributions to match (or better) the new defined benefits scheme.
The helpline were very erm, helpful and clarified everything that I needed to know.

I worked? Cheltenham/Tewkesbury for most of the time in Building Systems, and spent the last 6 Months at Shotton when they relocated the tooling.

Went for the new scheme on the basis if it goes tits, there is always the PPS to fall back on and the new scheme hopefully will work out better on a 20+year basis. Don't see me retiring in the near future so 50 is irrelevant.

got a 10 year one from Bombardier and a 7 year one from Klokner steels.
both sat frozen i think.

what could i do with them.

Good if your name's Nigel

[i]We're only making plans for Nigel
He has his future in a British steel
We're only making plans for Nigel
Nigel's whole future is as good as sealed[/i]

Thanks for the XTC earworm 🙂

The British Steel pension just got a mention on 5 Live at around 1820. Seems like so called Financial Advisers have been convincing members to transfer out when its the wrong option. Well worth a listen on catch up for those affected.

And on the BBC news at 6