British Steel scheme PIC buyout faces six-month delay

Open trustees write to members as the scheme exists its PPF assessment period

Hope William-Smith
clock • 2 min read
The trustees confirmed they are also still working on other exercises in the lead up to the new buyout date.
Image:

The trustees confirmed they are also still working on other exercises in the lead up to the new buyout date.

Trustees of the British Steel Pension Scheme (BSP) say “good progress” is being made on plans to complete a buyout with Pension Insurance Corporation (PIC) despite having to move its expected date of completion into 2022.

In a letter to scheme members yesterday (6 November) the open trustees of the beleaguered scheme confirmed it had exited its Pension Protection Fund (PPF) assessment period on 9 November. "We now expect...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions member?

Login

More on Risk Reduction

L&G agrees £75m buy-in with Triplex Lloyd scheme

L&G agrees £75m buy-in with Triplex Lloyd scheme

Second deal for two-section scheme sees all members’ benefits now insured

James Phillips
clock 27 January 2022 • 2 min read
Just completes largest ever deal in £345m buy-in

Just completes largest ever deal in £345m buy-in

Deferred-heavy deal completed at the end of 2021 in midst of ‘intense market’ conditions

James Phillips
clock 21 January 2022 • 1 min read
PIC and IMI agree fifth buy-in in £250m deal

PIC and IMI agree fifth buy-in in £250m deal

Around 1,200 members were covered by the deal, with 80% of scheme now insured

James Phillips
clock 21 January 2022 • 2 min read
Trustpilot