Over 25,000 members of the British Steel Pension Scheme failed to return the options form which advises the scheme’s trustee on whether they want to transfer to the new scheme or to the Pension Protection Fund.

The trustee of the scheme has today, 29 January, published figures on how their members have voted, following the closure of the Time to Choose consultation, in which member had to return their forms by 22 December 2017.

Just under 97,000 members completed and returned their form, of which 86 per cent (83,420) members chose to transfer to the New BSPS, and 14 per cent (13,580) opted to transfer to the PPF. Although 25,000 members did not return the form, it is not known how many members failed to return the form because they had decided to transfer out.

The trustee of the scheme said the number includes members who wanted to move into the PPF, those who did not engage with the trustee and members who decided to take a transfer payment. The trustee said that some members have requested transfer quotes and can transfer to another pension arrangement instead of switching to the new scheme or moving into the PPF.

“In order to transfer out, members with a valid (i.e. unexpired) transfer quote need to submit all their completed paperwork by 16 February. This is to allow enough time to process and pay the transfer by 28 March, though this cannot be guaranteed,” the trustee said.

Members who did not engage with the trustee will remain in the current scheme and will start moving with it into the PPF at the end of March 2018, the trustee said.

In addition, it said provisional estimates indicate that members transferring to the New BSPS will represent around 80 per cent of the current scheme’s assets and liabilities. The New BSPS will go ahead only if certain qualifying conditions regarding size and funding level are met, but the trustee said the minimum size criterion has been comfortably exceeded. The precise funding level will not be known until mid-March 2018 however the trustee remains confident that the initial funding threshold condition will also be met.

Commenting, BSPS trustee chairman Allan Johnston said: “I am pleased that so many scheme members took the time to choose the outcome that was best for them based on their personal circumstances. The New BSPS offers benefits that for most members are the same or better than the PPF and around 83,000 members have chosen to switch to the new scheme.

“The PPF provides a valuable safeguard for members of occupational pension schemes and around 39,000 scheme members will remain in the current scheme when it starts its formal PPF assessment period at the end of March unless they take a transfer. Their benefits will be aligned to PPF compensation levels.

“Work is now under way to allocate the members and scheme assets between the new BSPS and the old scheme. Central to this work is the requirement to ensure that, from 29 March 2018, pensioner members receive their appropriate pension payment depending on which arrangement they will be moving into.

“Further information will be provided to all members ahead of the split taking place on 28 March 2018.”

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