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AccessibilityAccessibility Statement BSPS is committed to making this website as accessible as possible and has followed the web accessibility guidelines (Worldwide Web Consortium Website). If you have any questions or suggestions regarding the accessibility of this site, please Contact Us to provide
ContributionsYour employer will make a contribution of 10% of your Pensionable Earnings (2012) into your Member Account. You will be required to contribute 6% of your Pensionable Earnings (2012) into your Member Account. Your contribution will be deducted
Tax RegimeThere are 2 main limitations capping tax effective pension savings: an Annual Allowance (AA) and a Lifetime Allowance (LTA).
ChargesThe day to day administration and investment of Member Accounts have been delegated by the Trustee to Legal & General. Legal & General deducts an annual management charge (AMC) from your Member Account to cover the cost of its services. The AMC will vary according to the funds chosen and
Fund's ValueThe Fund's value over the last ten years
Death BenefitsLump sum death in service benefit If you are a member of the DC Section and die while in service without having reached the greater of age 65 and State Pension Age, a lump sum death in service benefit of six times your Final Pensionable Earnings (2012) will be payable to your beneficiaries[
Retirement BenefitsAt retirement, the full value of your Member Account is available to provide retirement benefits. You have a range of options in respect of the retirement benefits that you will receive. You will be advised of your retirement benefit options shortly before you reach your retirement date. T
Benefits on Death in ServiceIf you die while you are an employee Member of the Standard Section, the following benefits will be payable: Lump sum benefit A lump sum equal to 4 times your highest Earnings in the last 5 years payable to your dependants and/or personal representatives under a discret
Benefits on RetirementThere is a standard basis for calculating scheme pension benefits. On retirement, you are entitled to a pension of: 1/60 x Final Pensionable Earnings x Pensionable Service (for service up to and including 31 March 2012) 1/65 x Final Pensionable Earnings (2012) x Pensionable Service
Investment PerformanceAlthough we have specialists working on the Scheme's investments, and the Committees takes regular advice from recognised experts in this field, the Trustee still has a responsibility to regularly assess performance. To make sure performance is measured accurately, the Trustee does two thing
Early RetirementThe minimum age at which early payment of a deferred pension is allowed (other than on the grounds of Incapacity) is 55, with the exception of Deferred Pensioners whose period of Pensionable Service commenced prior to 6 April 2006, who retain the right to retire from age 50 under legislation.
Leaving Service BenefitsYour options on leaving service depend on the length of your qualifying service in the DC Section. Less than three months’ qualifying service in the DC Section If you leave with less than three months’ qualifying service in the DC Section you will receive a refund of the valu
Tax RegimeBenefits payable from all pension schemes are measured against the Lifetime Allowance (LTA).
Leaving ServiceIf you leave the Standard Section before Normal Pension Age, the options available to you are: If you have less than 3 months pensionable service You will automatically receive a refund of your own contributions paid to the Standard Section less the following deductions:
Benefits on DeathIf you die before Normal Pension Age, the following benefits will be payable: Lump sum : Your dependants or personal representatives will receive a refund of your contributions paid to the Standard Section plus interest. To have your wishes taken into account it is helpful for you to ha
Actuarial ValuationIf you would like to receive a copy of the Actuarial Valuation Report 2011, please ask the Pensions Office.
Trust Deed and RulesIf you would like a copy of the Trust Deed and Rules of the Scheme, please ask the Pensions Office.
InvestmentsYou must decide where you wish to invest the contributions to your Member Account. This is an important decision, because the investment returns that your account achieves will have a direct impact on the size of your Member Account at retirement and the level of pension that you can buy.
ContributionsYou will be required to pay 7.5% of Pensionable Earnings (of which 0.5% will be paid by the Company until 31 March 2014). The Company's ordinary contribution rate is 13% of Pensionable Earnings. Your Pensionable Earnings for service up to 31 March 2012, are generally your gross pa
Death in RetirementIf you are receiving a pension as a result of being a contributing member the following benefits are payable: Lump sum if you have been receiving your pension for less than 5 years When in payment, your pension is guaranteed for 5 years. If you die during this guarantee period, a lu
Incapacity RetirementIf you qualify as permanently unable to carry out any gainful employment due to Incapacity, your deferred pension can be paid from the date that qualification is established. Your pension, including increases from date of leaving, is paid without reduction. Please read the In
Incapacity RetirementIf you have not reached Normal Retirement Age and are unable to undertake any gainful employment due to physical or mental incapacity and are likely to remain permanently unable to do so you may be eligible to apply for Incapacity retirement. You should apply to your Employer for Incapacity reti
Taxation of pensionYour monthly pension payments are treated as income and are subject to Pay As You Earn (PAYE) income tax. HM Revenue and Customs (HMRC) notifies both you and the Pensions Office of the tax code which should apply for the new tax year. The Pensions Office can only accept tax code changes di
Investment of AssetsThe strength of our Scheme rests in sound and efficient management and successful investment of the funds. Without investment income, there would be no ready funds available to pay pensions and benefits to our members. Investment, especially given the size of the British Steel Fund, is a complex
Can I Exchange Pension for Cash?In most cases, on retirement, it is possible for you to give up part of your pension for a tax free pension commencement lump sum. The amount of the lump sum you can take is dependent upon the level of your pension and your age at retirement. In some circumstances, the amount may be rest
Welcome to the British Steel Pension SchemeWelcome to the British Steel Pension Scheme (BSPS) website. The Scheme is fully committed to providing all members with clear communication and recognises that more people are turning to the web as a source of information. In response to feedback from the 2010 Member Survey, and to ensure that
Scheme & Trust InformationThe 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
FAQWhat is the earliest age I can receive my pension? See Early Retirement under the appropriate benefit category. Employee Members Deferred Pensioners Maternity Leave /Adoption If you are on maternity leave/adoption leave, your Scheme membership will continue. Scheme contribut
Pension IncreasesStandard Section pensions are generally increased each year on 1 April by reference to the annual increase in the RPI over the 12 months to the preceding January. Increases in respect of service between 1 April 2006 and 31 March 2012 are subject to a cap of 4% per annum. Increases in respect
Top Up Contributions (TUCs)What are TUCs? TUCs are a simple and effective way to supplement your benefits from the British Steel Pension Scheme. At retirement, your TUC account is used to provide you with additional income on top of your Standard or DC Section benefits. TUCs operate on a DC or money pur