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Scheme & Trust Information
The British Steel Pension Scheme (BSPS) is administered by B.S. Pension Fund Trustee Limited, a corporate Trustee Company set up for this purpose. The assets of the Scheme are held in the name of the Trustee Company and are separate from the assets of the Employers. The staff of both the Investment Office and the Pensions Office are employees of the Trustee Company, not Tata Steel UK Limited (the Principal Company which sponsors the Scheme).
The day-to-day administration of the Scheme is supervised by the Trustee board, who are directors of the Trustee Company. Half of the Trustee are Company Nominated Directors, appointed by Tata Steel UK Limited and half are Member Nominated Directors (MNDs): one pensioner is chosen on the recommendation of a selection panel, consisting of Trustee directors, and the balance of MNDs is selected by the Trade Unions.
Tata Steel UK Limited is responsible for the appointment of all directors of the Trustee Company, and for the removal of those Trustee directors it nominated. MNDs can only be removed within their term of appointment with the approval of all other Trustee directors.
The Scheme is a Registered Pension Scheme under Section 153(9) of the Finance Act 2004 and enjoys certain tax concessions.