Defined Contribution Section
Welcome to the Defined Contribution (DC) Section of the British Steel Pension Scheme (BSPS) website.
Please note the BSPS DC Section closed to future accrual from 31 March 2017.
Members who have DC funds in the Scheme’s DC Section or as legacy Additional Voluntary Contributions (‘AVCs’) have been advised that these DC funds must be transferred out of the Scheme before the Scheme starts moving into the Pension Protection Fund and cannot be transferred to the New BSPS arrangement.
The Trustee wrote to members in late January 2018 regarding the transfer of all DC funds in the Scheme to the Salvus Master Trust. A copy of the letter and the enclosed “British Steel Pension Scheme - Change Announcement” booklet are available to view.
Members have three choices regarding DC funds:
- Option 1: Transfer to the Salvus Master Trust (a DC arrangement selected by the Trustee) and invest in the funds chosen by the Trustee to match, so far as possible, the current investments;
- Option 2: Transfer to a different pension scheme of their choosing; or
- Option 3: Retire and withdraw benefits if they are over the minimum retirement age of 55 (or earlier if they have a protected pension age of 50).
This transfer is expected to take place during the week commencing 5 March 2018.
 After the transfer has taken place, the member would have the opportunity to change their investment choices within the Salvus Master Trust platform or transfer to another provider.