British Steel Pension Scheme
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Deferred Defined Contributions (DC) savings

If you made pension contributions (either as excess contributions and/or Top Up Contributions) to the Scheme’s DC Section when you were an employee member, you may leave your Member Account invested in the Scheme until you decide to access these savings at your retirement, or you may transfer the value of your Member Account to another registered pension arrangement.

If you leave your Member Account with the Scheme, you will not be able to pay any more contributions into it. The value may fall or rise, depending on financial market conditions. You will receive an annual statement from Legal & General, the Scheme’s DC administrators and investment managers,  showing you how your Member Account is performing. You can monitor the value of your Member Account by going onto the secure Legal & General website here.

We recommend that you continue to actively review your investment choices and make any changes when needed. You can do this through the Legal & General website here.

Please ensure that you keep Legal & General informed of your up to date address.

How to transfer out your Member Account

If you wish to transfer the money in your Member Account to another pension arrangement, you should contact Legal & General directly.

If you are unsure of the consequences of transferring your benefits then please seek independent financial advice.

Managing your investment choices

You should regularly review your investment strategy and make any changes when needed. The right choices for you now may not be appropriate later on.

Accessing your pension savings

The options for accessing DC pension savings are different from deferred Standard Section benefits. Here is a link to a page that sets out your DC options. You can also contact Pension Wise, a free government service that has been set up to provide guidance to people with DC benefits, on their options at retirement. You can access Pension Wise from the age of 50