British Steel Pension Scheme
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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.