British Steel Pension Scheme

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  • You pay 6% of pensionable earnings to the Scheme. Your Pensionable Earnings are generally your gross pay less a Scheme offset of £3,630 for the Scheme Year 2011/12.

  • Contributions are automatically deducted from your salary and tax relief is granted under PAYE. (Tax relief is granted on contributions paid subject to the Annual Allowance (AA) limit which is £50,000).

  • The Scheme is contracted out of the State Second Pension Scheme (S2P); as a member you will pay a lower rate of national insurance contributions.

  • Contributions are payable until age 65, or earlier if you leave scheme membership.

  • The Trustee and the Principal Company agree the contributions necessary to cover the expected cost of benefits payable under the Scheme Rules, after allowing for members’ contributions.