More than 25,000 steelworkers did not return their 'options forms' and as a consequence will remain in the current British Steel Pension Scheme (BSPS) for now, to move into the Pension Protection Fund (PPF) at the end of March.
Last week's agreement on a regulated apportionment arrangement (RAA) to split Tata Steel UK (TSUK) from its defined benefit (SB) pension fund fails to answer fundamental questions.
The British Steel Pension Scheme (BSPS) has revealed the number of steelworkers cashing in their defined benefit (DB) pensions more than doubled to 482 in the year to March 2017.
Tata Steel has agreed the "key commercial terms" of a regulated apportionment arrangement with the British Steel Pension Scheme (BSPS) in a deal that could be worth in excess of £550m.
Unions have urged steel workers to accept Tata Steel UK's proposals to close the British Steel Pension Scheme (BSPS) and replace it with a defined contribution (DC) plan.
The British Steel scheme's trustee board has turned down Edmund Truell's proposal to save the fund, calling it an unviable plan that would expose members to "unacceptable risk".