British Steel Pension Scheme
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How is my pension calculated?

You are entitled to a pension of

Months and days are included in your Pensionable Service.

If you have purchased Defined Benefit AVCs under the Standard Section, the service credit will be pro-rated based on the period the contributions have been paid.

Example

  • Service to 31 March 2012

 27 years of Pensionable Service multiplied by Final Pensionable Earnings of £30,000 (27/60ths of £30,000) = Annual pension of £13,500.

Plus:

  • Service from 1 April 2012

5 years of Pensionable Service multiplied by Final Pensionable Earnings 2012 of £28,500) multiplied by a longevity adjustment factor (5/65 of £28,500) x 1.0 = Annual pension of £2,192.31.

Total deferred pension = £15,692.31

Pensionable Earnings in respect of service before April 2012 may be subject to the application of Rule 5(3) in circumstances where there have been abnormally wide fluctuations in bonus and overtime.