British Steel – update February 2018

The Ombudsman is aware of the problems that have affected the British Steel Pension Scheme (BSPS), which has culminated in the recent announcement that the BSPS is to enter the Pension Protection Fund (PPF).

As a result, we are currently investigating a group of over 150 complaints about transfer values and will shortly be undertaking another group investigation where members have complained about the early retirement factors. We continue to receive new complaints and a high volume of enquiries from members and their representatives. As such, we anticipate further complaints regarding the expected BSPS transfer into PPF.

We are working closely with the Trustees of the BSPS to ensure that all those members who wish to bring a complaint to us are able to do so as easily as possible.

Before we will consider any of these complaints, we decided that the complaint must have been raised with the Trustees and dealt with under the internal dispute resolution procedure (IDRP). Following the huge increase in IDRP complaints being made, the Trustees have implemented an accelerated one stage IDRP for members wishing to complain about either their transfer values or the early retirement factors applied to their pension benefits.

The Trustees have dealt with over 200 complaints under this accelerated procedure and the majority of these members have now brought their complaints to us.

For those members who have a case currently under investigation, we have produced a FAQs document, which we hope answers most members’ questions.

Any members wanting information and advice on what we do and how we can help, can contact us from Monday to Friday, 9am to 5pm on 0800 917 4487 or email: enquiries@pensions-ombudsman.org.uk or you can write to us at:

The Pensions Ombudsman
11 Belgrave Road
London
SW1V 1RB

If you are a journalist and need more information please contact us on 020 7630 2245 or email: enquiries@pensions-ombudsman.org.uk