Concerns raised about 'unofficial information' being circulated to thousands of British Steel pensioners

By Scunthorpe Telegraph | Posted: 16 Nov 2017

Concern has been raised about “unofficial information” being circulated among thousands of British Steel pensioners in Scunthorpe ahead of the December 11 deadline set to decide the future of their investments.

Allan Johnston, the trustee chairman of the £15 billion British Steel Pension Scheme, said: “We’re concerned by some of the stories we’re hearing of unofficial information being circulated which many not always be in the member’s best interests."

Mr Johnston expressed his concerns ahead of a second road show at the Scunthorpe Baths Hall this Monday (November 20) between 2pm and 9pm to answer questions from pensioners.

Attendance at the two sessions each two hours long is by invitation only.


Pensioners pictured leaving the Baths Hall, Scunthorpe following a meeting to explain the new British Steel Pension Scheme options.

Mr Johnston said: “We want members to have the opportunity to ask te questions that matter to them. That’s why these meetings are member-only events.

“It’s an important choice for our members and they need to have balanced and impartial information.

“These meetings are just one of the ways we’re trying to help our members make the choice quite right for them."

READ MORE: Packed houses for British Steel Pension Fund roadshow event in Scunthorpe

Pensioners have been given until December 11 to decide whether to stick with the present 50-year-old scheme or join a new fund set up with a £550 million grant from Tata Steel UK along with a 33 per cent equity stake in the buinesss.

If they fail to meet the deadline, they will remain in the current scheme which from March 1, 2018, will be run by the Pension Protection Fund.

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