The minimum size and initial funding tests for the New British Steel Pension Scheme have been met, paving the way for the scheme to go ahead later this month.
The minimum size criterion has already been exceeded, and assessments undertaken by the scheme actuary and agreed with Tata Steel UK show that the initial funding level test was also met as at January 31 2018.
The Pensions Regulator and the Pension Protection Fund have been informed.
Allan Johnston, trustee chairman of the New BSPS, said: “The minimum size and initial funding tests have now been met, paving the way for the New British Steel Pension Scheme to go ahead on 28 March as planned.”
He added that “this is very good news for the 83,000 members who wanted to receive their benefits from the new scheme and chose to switch to it”.
The trustee expects to write to members in early April to welcome them to their new pension scheme.
