The trustee of the Old British Steel Pension Scheme (OBSPS) has announced it has entered into a buy-in contract, a form of insurance policy for pension schemes.
We’ve previously announced that we’d started making increased payments to all pensioners who were most affected by the Court of Justice of the European Union’s (ECJ or CJEU) ruling, because they were subject to the PPF compensation cap (either the standard cap, or the long service cap), which on its own had reduced their benefits to less than 50% of those they had accrued.
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