British Steel Pension Scheme
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Deferred Defined Contributions

If you made excess defined contributions or Top Up Contributions to the Scheme 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 generally won’t 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 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 Deferred Defined Contributions

If you wish to transfer out your deferred Defined Contributions, 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

When you made defined contribution payments as an employee member you may have chosen an investment fund option(s). However this choice does not have to remain the same throughout your deferred membership and 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 pension savings are different for deferred defined benefit Standard Section and deferred Defined Contribution Section benefits. Here is a link to the options available for defined contribution pension savings.