Welcome to the British Steel Pension Scheme
Welcome to the British Steel Pension Scheme (BSPS) website.
Different provisions may apply to benefits originally accrued under pension schemes which have been subsequently merged into the BSPS. If you are unclear about how you may be affected please contact the Pensions Office. Information is provided for guidance only and is not legal advice.
LATEST NEWS & UPDATES
Paying pensions as lump sums
Under new limits announced at the 2014 Budget, if you are over the age of 60, and the overall value of your pension from the Scheme does not exceed £10,000 you can elect for a one-off lump sum instead of a pension, irrespective of the value of benefits you hold in any other registered pension scheme.
Offer letters have been issued to Pensioners and Deferred Pensioners who qualify.
Pensioners' Update 2014
A copy of the Scheme's Pensioners' Update 2014 newsletter which is issued to Pensioners and Dependants of the Defined Benefit Standard Section of the British Steel Pension Scheme is now available in the Member Communications section of our website.
Please Note: The information provided in this website is not intended to be a legal promise and only provides a summary of benefits. If there is any conflict with the Rules of the Scheme, the Rules will be overriding.