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 no...

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 Investment

Phoenix sees 'record' H1 results generating £950m

Phoenix sees 'record' H1 results generating £950m

New business cash generation more than doubled to £430m in the first half of 2022

Holly Roach
clock 15 August 2022 • 4 min read
Trustee Residential Senate: View the two-day programme

Trustee Residential Senate: View the two-day programme

PP’s flagship residential event will take place on 6-7 October at Ashdown Park Hotel

Professional Pensions
clock 15 August 2022 • 1 min read
Trustees hide from transfers due to 'red flag' system

Trustees hide from transfers due to 'red flag' system

The industry is cautious when processing pension transfers due to the ‘red flag’ system

Holly Roach
clock 12 August 2022 • 1 min read
Trustpilot