You only have until 11/12/2017
You have until 11/12/2017 – at which point the pensions will fall into the PPF. More importantly, any requests for transfer values have a 3 month timescale (which takes you past that date). You cannot transfer the pension if it falls into the PPF or if they have selected that option on the form. However, we know a way around through which – you can still go ahead with the transfer and protect your savings.
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If people dont take action, they will default and go into the Payment Protection Fund (PPF) which is the worst option for the vast majority. We’re very concerned about this.
We only have qualified UK advisors and run on a UK model globally, which means that we are extremely high in ethics.
Members could transfer out of the scheme entirely and move their money to a “defined contribution” pension, which would offer increased flexibility and tax planning benefits.
Members in the past few days have received a form from British Steel. If not returned, your pension will automatically go into the PPF.
This won’t be the last time that pension scheme members are presented with unpalatable choices involving benefit cuts. The best option for them is speak to a qualified UK advisor and learn about their options.