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.
The regulator and lifeboat fund have agreed plans to sever the £15bn British Steel Pension Scheme from Tata Steel UK after months of negotiations with the trustee and sponsor.