British Steel Pension. Transfer out?
British Steel Pension. Transfer out?
Author
Discussion

Fury RS

Original Poster:

465 posts

212 months

Monday 11th December 2017
quotequote all
Hi, are any of you guys currently in this fund or has a deferred pension with British Steel?
As an ex BSC employee I left my pension with them. Looks like it was a good move too. I recently had a transfer value off of them and it was a fair bit larger than I was expecting. There are two new schemes coming in to force by March 2018 as TATA Steel want out of the current Pension Scheme. Have any of you guys transferred out? Two of my ex fellow Steelworker mates have transferred out, one in to Prudential the other with Aviva. Both of them are happy they transferred out. I think I know what i'm going to do but would be interested to here others thoughts if possible before I decide.
Any suggestions/pm's appreciated
Thanks.smile

StanleyT

1,994 posts

109 months

Monday 11th December 2017
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I'm ex a British "civil service" Fuel co and got a transfer value from that this year. I had to double check as the value had gone up massively in one year. Everything was all above board that was the value, saw an IFA and basically IF (the BIG IF) tax rules stay the same and I put the money into a SIPP and drawdown what I'm allowed tax free every year I "get my money back" around 72. To remain as a future final salry pensioner and claim pension from my due date I'd get my money back at 87!!!!

So no brainer for me as everything else played out / paid off - financially pension was to be the pocket money daily living.

There was a sweet spot of high stock market boosting backroom performing fund, low acturil rates, brexit, red moons and gobbuerment wanting to shift pensions off elsewhere or whatevers it seems, so there are quite a few of us going this way.

All documented for future "PFID" claim = "Pension Fubar I Did".

You'll need an IFA if the money you have is worth moving, above £30k?

ringram

14,701 posts

278 months

Monday 11th December 2017
quotequote all
In general terms Id be tempted. Assuming you go into a well diversified quality low cost replacement.
Especially with company pensions looking so underfunded and not really guaranteed. DIY and it becomes more so.


Fury RS

Original Poster:

465 posts

212 months

Tuesday 12th December 2017
quotequote all
Thanks guys. I had to look twice at my Transfer Value too as it had increased considerably since a year or two ago. I think transfering out is the way forward for me, so much more freedom to do with the fund what you want to than if it's tied to either of the new funds even though they do look good future pension schemes. I like the fact that the fund doesn't die with you or your wife ( wife receives 50% pension if I die, new British Steel funds), you can leave it to your kids, family etc. The 25% tax free lump sum or in increments I can take at 55 is also quite persuasive...

K12beano

20,854 posts

305 months

Tuesday 12th December 2017
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Ginge R

4,761 posts

249 months

Tuesday 12th December 2017
quotequote all
This.

K12beano said:

ellroy

7,835 posts

255 months

Tuesday 12th December 2017
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All over Channel 4 news.

Yet again sharklike members of the ‘profession’ start to cause issues for the many decent people out there.

Fury RS

Original Poster:

465 posts

212 months

Tuesday 12th December 2017
quotequote all
Thanks for the advice guysthumbup. I am treading very carefully after reading some of the horror stories out there and have found a local Regulated Authorised Financial Advisor who didn't come looking for me and has several other BSC Pension holders on his books. I am not a big gambler so leaning toward a fairly "Safe" investment with Prudential at present. Here's hoping it all pans out right in the end...

Ginge R

4,761 posts

249 months

Wednesday 13th December 2017
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Fury RS said:
Thanks for the advice guysthumbup. I am treading very carefully after reading some of the horror stories out there and have found a local Regulated Authorised Financial Advisor who didn't come looking for me and has several other BSC Pension holders on his books. I am not a big gambler so leaning toward a fairly "Safe" investment with Prudential at present. Here's hoping it all pans out right in the end...
Are you in Port Talbot? It looks like the top three people at the FCA, TPAS and tPR are visiting town this Thursday to hold a public meeting and to look into the various miss-sellings. I read it's at the Twelve Knights Hotel in Margam at 1400.

Fury RS

Original Poster:

465 posts

212 months

Wednesday 13th December 2017
quotequote all
Ginge R said:
Are you in Port Talbot? It looks like the top three people at the FCA, TPAS and tPR are visiting town this Thursday to hold a public meeting and to look into the various miss-sellings. I read it's at the Twelve Knights Hotel in Margam at 1400.
No I work at Celsa Steel in Cardiff and live between Abergavenny and Pontypool. I'm on 12hr days tomorrow unfortunately otherwise I would of driven down to listen to what they had to say on the matter. Thanks for that Ginge R, will keep my ears open to this...

madbadger

11,752 posts

274 months

Wednesday 13th December 2017
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I got my transfer value and it is about 3 times what I thought it was. However I have gone forward into British Steel 2 as I can’t really see that moving it into a different fund gives any real benefit. Unless you think a different fund will significantly outperform BS2.

If I could take it as a lump and (more than) pay off my mortgage that would be a different story.

K12beano

20,854 posts

305 months

Wednesday 13th December 2017
quotequote all
Ginge R said:
This.

K12beano said:
Ginge - you didn’t see the Pantomime today did you? Sorry, the DWP Select Committee Session this morning.....

shirt

25,432 posts

231 months

Wednesday 13th December 2017
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currently working away but had an email through from my parents [their address is my uk contact address] from BS saying i have until the 22nd to state whether i want to transfer into the new BS scheme or else i will automatically go into the ppf scheme.

i only worked there for 6yrs post uni so not expecting the end return to be massive, so in all honesty i'd like to transfer out into a scheme i can control myself. is this possible and how do i go about it?

Ginge R

4,761 posts

249 months

Wednesday 13th December 2017
quotequote all
K12beano said:
Ginge - you didn’t see the Pantomime today did you? Sorry, the DWP Select Committee Session this morning.....
Believe it or not, I was invited to give oral evidence at it.

I was the person who dragged this BSPS malarkey into public and regulatory consciousness. I am still currently in Port Talbot and am chairing a public meeting tomorrow with Megan Butler (from this morning), Michelle Cracknell, Mike Birch and Steve Kinnock.

I was chatting with Jo Cumbo (FT) this evening - this *should* be made into a book. But people simply wouldn't believe it. Megan Butler looked bereft this morning at Portcullis House. The regulator is one trajectory, one velocity, one mindset. It needs to be asymmetric.

With Channel Four, yesterday.





Ginge R

4,761 posts

249 months

Wednesday 13th December 2017
quotequote all
Fury RS said:
No I work at Celsa Steel in Cardiff and live between Abergavenny and Pontypool. I'm on 12hr days tomorrow unfortunately otherwise I would of driven down to listen to what they had to say on the matter. Thanks for that Ginge R, will keep my ears open to this...
Are you on any of the Facebook pages?

Fury RS

Original Poster:

465 posts

212 months

Wednesday 13th December 2017
quotequote all
Ginge R said:
Fury RS said:
No I work at Celsa Steel in Cardiff and live between Abergavenny and Pontypool. I'm on 12hr days tomorrow unfortunately otherwise I would of driven down to listen to what they had to say on the matter. Thanks for that Ginge R, will keep my ears open to this...
Are you on any of the Facebook pages?
I am one of the few that doesn't do Facebook but my mrs does if that helps.

Ginge R

4,761 posts

249 months

Wednesday 13th December 2017
quotequote all
You're a wise man.

Fury RS

Original Poster:

465 posts

212 months

Wednesday 13th December 2017
quotequote all
madbadger said:
I got my transfer value and it is about 3 times what I thought it was. However I have gone forward into British Steel 2 as I can’t really see that moving it into a different fund gives any real benefit. Unless you think a different fund will significantly outperform BS2.

If I could take it as a lump and (more than) pay off my mortgage that would be a different story.
I have signed for BSP2 myself, didn't want it defaulting in to the Protected Scheme where it can not be moved from. I have a small window to transfer it out if I want to. I'm not saying it will out perform the new scheme in the long run but I sometimes think you "don't know whats round the corner." More freedom with the fund in the future. Just hope I am receiving the best advice...

Fury RS

Original Poster:

465 posts

212 months

Wednesday 13th December 2017
quotequote all
shirt]currently working away but had an email through from my parents [their address is my uk contact address said:
from BS saying i have until the 22nd to state whether i want to transfer into the new BS scheme or else i will automatically go into the ppf scheme.

i only worked there for 6yrs post uni so not expecting the end return to be massive, so in all honesty i'd like to transfer out into a scheme i can control myself. is this possible and how do i go about it?
At least with the BSP2 scheme I understand you can transfer out in the future if you wanted to. You may be surprised how much you have in your fund even for 6yrs. Contact BSP and ask for your Cash Equivalent transfer Value and then speak to a Regulated/Authorised Financial Advisor (do your research on the individual/firm). From what I understand it can take anything from 4 weeks to over 3 months to complete some of these transfers so the timescale would be very tight. If i'm wrong please somebody correct me.

FiF

48,801 posts

281 months

Wednesday 13th December 2017
quotequote all
I've chosen to go into BSPS2, but it's such an inconsequential amount, only a short time straight out of uni before getting out into other work. Didn't suit me at all. All the plants have now been bulldozed