Old British Steel Pension Scheme benefits unaffected by British Steel’s liquidation

The Old British Steel Pension Scheme is currently in an assessment period for the purposes of assessing whether members are entitled to compensation from the Pension Protection Fund (the “PPF”).

The Old British Steel Pension Scheme is not impacted by today’s announcement that British Steel has entered liquidation.

Members of the Old British Steel Pension Scheme will continue to be entitled to PPF levels of compensation.

Some employees at the British Steel business may have retirement benefits built up in the Old British Steel Pension Scheme through previous employment arrangements if they did not opt to join the New British Steel Pension Scheme as part of the Time to Choose exercise.

Benefit entitlements within the New British Steel Pension Scheme are also unaffected by developments at British Steel. The New British Steel Pension Scheme is sponsored by Tata Steel UK Limited. The current British Steel business is not, and never has been, a participating employer in the New British Steel Pension Scheme.

 

Open Trustees Limited

22 May 2019