british steel pension scheme

colmel16

The british steel pension scheme recently closed its defined benefit scheme . One option would be to be moved into the pension protection fund with a 10% reduction in benefits. Can anyone tell me how this would change my benefits in respect to early retirement. I am 51 years old and under the bsps scheme could take my pension any time from now to 65. there would be reductions up to 65 when I would get 17k per year. what would I receive at 55 and 60 years of age from the "pensions lifeboat" . Thanks

JezR

PPF allows early payment of compensation.

Under normal situations this requires 6 months notice.

Minimum age 55 unless the scheme being compensated had preserved rights to a lower age.

The periodic payment is reduced by a factor designed to be actuarially neutral. Any separate lump sum is paid in full.

kidmugsy

http://www.pensionprotectionfund.org.uk/Pages/Compensation.aspx