British Steel Pension Scheme

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Trivial Commutation

In certain circumstances it is possible for a member of a Registered Pension Scheme to take all their benefits as a one-off lump sum using the trivial commutation rules.

Pensioners who have reached the age of 60, can have their “trivial” pension benefits commuted if the sum of all of their registered benefits is less in value than £18,000.

Members over the age of 60, where the overall value of their pension from the Scheme does not exceed £2,000 can elect for a one-off lump sum instead of a pension, irrespective of the value of the benefits in any other registered pension scheme.