Annual statements for those members whose benefits are not yet in payment
Annual benefit statements have begun to issue to members who opted to switch to the new British Steel Pension Scheme advising them of the value of their deferred pension after revaluation was applied as at 1 April 2018.
Included within the statement is an indicative transfer value. Please note that a transfer value in the new scheme is likely to be lower than the transfer value in the Old British Steel Pension Scheme, to reflect the fact that the overall benefits, including possible future increases, could be lower in the new scheme.
If you are considering transferring your benefits to another pension provider please contact the Pensions Office for a guaranteed transfer value quotation.
The Pensions Office expects all statements to have issued over the coming weeks.
25 June 2018