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

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Join now

 

Already a Professional Pensions
member?

Login

More on Defined Benefit

DWP responds to WPC report on DB pensions market

DWP responds to WPC report on DB pensions market

Government confirms it will consider PPF compensation changes and consult on trusteeship, accreditation and governance

Holly Roach
clock 01 May 2025 • 4 min read
Industry supports DB surplus release so long as clear parameters set, Aon finds

Industry supports DB surplus release so long as clear parameters set, Aon finds

Poll finds industry favours prudent thresholds and detailed consideration when it comes to future plans for surplus release

Holly Roach
clock 23 April 2025 • 3 min read
Sponsoring employers facing less pressure after 'radical' funding improvements

Sponsoring employers facing less pressure after 'radical' funding improvements

Broadstone says employer contributions needed to plug scheme shortfalls have ‘plummeted’

Holly Roach
clock 22 April 2025 • 1 min read
Trustpilot