British Steel Pension Scheme
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Early Retirement

The 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.


What 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

Death Benefits

Lump 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[

Useful Terms

Annual Allowance (AA) The AA is the cap on the amount of pension savings from all sources that can be built up tax efficiently each year. The Annual Allowance is £50,000 for the 2013/14 tax year and will reduce to £40,000 from April 2014.   Any pensions savings in excess of