Nic Dakin MP

Standing up for Local People

British Steel Pensions


I very much welcome the announcement by Tata Steel Uk that it has signed the definitive documentation for a Regulated Apportionment Arrangement (RAA) with the British Steel Pension Scheme Trustees.  

Listening to what people have been saying locally I share their frustration about the lack of information regarding these likely changes over recent months. Only on Monday I was at a meeting on the steelworks where workers' concerns and uncertainty about what was going on was very clear. For over a year people have worried about their security in retirement. I hope that this announcement will begin to bring this uncertainty to an end. 

I'm sure all pension scheme members will look out for the information that will shortly come from the Trustees of the detail of what this means to their pension and what their choices are. 

As with all this sort of information it is often difficult to get your head round it. It will be important to read the information that comes out carefully in order to make a well informed choice, taking professional advice if necessary. 

My understanding is that there will be meetings organised around the country for BSPS members to find out more about what this means to them and ask questions. 

A website has been set up by those responsible to update BSPS members and respond to questions.

I will be taking a very close interest on behalf of my constituents to see that this is managed in their very best interests. As with all things, however, the devil is in the detail and I am keen to hear from people about how these proposals will affect them.  I am concerned that TATA and the Government deliver on their responsibilities and that BSPS members don’t lose out.



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commented 2017-10-11 16:05:43 +0100
Hi Nick

I am typical of many existing pensioners in that the New BS Scheme will provide the following rises.
Up to 3% on Guaranteed Minimum Pension (GMP) accrued between 1988 and 1997
Up to 5% on pension accrued from 1997 and 2005.
The Time To Choose pack provided by BSPS states a figure for GMP from the date I left pensionable service, which I am required to accept as correct but to me, this is a figure out of the blue with no supporting information or calculations to show how it was obtained. The subject of GMP is, I suspect, obscure to most people.

Also, no information is provided to show how much of my pension was accrued from 1997 onwards.

The above will apply to a great many pensioners like me and I believe BSPS should provide more detailed information on GMP and how it works and more specific pension data for individuals.

Tony Dixon

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