United Kingdom: British Steel Pension Scheme Responses

A large deficit in the funding of the British Steel Pension Scheme (BSPS) has sparked serious debate in the United Kingdom regarding the future of the program. The debate itself centers around two potential solutions to the funding issue: Should BSPS fall back on the Pension Protection Fund for aid, or should they be allowed to enact a change in legislation that would help them cover the deficit by other means?

The Department for Work and Pensions in the United Kingdom published their Consultation Document on May 26, 2016. The document outlines the current situation and potential solutions, while calling for input on a series of 8 questions from those affected (British steel workers, those associated with employer pension schemes, etc). The full text of the document can be found on the government site here. The period for response closed on June 23, 2016.

The British Steel Pension Scheme has given an official response to the document, which can be read in full here.

A division of Punter Southall, Asinta’s partner in the UK, has also published an official response. The full text of the response from Punter Southall Transaction Services can be read here.

The government response to the consultation is expected to be posted on the GOV.UK website within four weeks, and will summarize the responses received and the action that has been or will be taken in light of them.