The British Steel Pension Scheme has closed its 'Time to Choose' consultation, with the scheme receiving responses from 97,000 of its 122,000 members.
Eighty-six per cent of respondents were members electing to switch to the New BSPS, while the remaining 14 per cent have chosen to enter the Pension Protection Fund.
Members who have not stated a preference will begin to enter the PPF at the close of March 2018.
According to the British Steel scheme trustee, the New BSPS scheme will offer the same benefits as the BSPS scheme, but with lower future increases.
With 83,000 members transferring into the new scheme, provisional projections estimate these members will amount to 80 per cent of the current scheme’s assets and liabilities.
