PENSIONERS’ 2012 UPDATE - bspensions.com to the Pensioners’ Update 2012. ... typically by between 1 and 2 years, ... [email protected] Membership: ...

Welcome to the Pensioners’ Update 2012.

When I wrote to you at the end of last year I reported that work was under way on thetriennial actuarial Valuation of the Schemeas at 31 March 2011. Detailed discussionsbetween the Trustee and the Company have been taking place since then. Thesediscussions have inevitably involved complexissues for both parties and their advisers;however I am pleased to say that we aremaking good progress towards completingthe Valuation.

It was very pleasing during the year that the performance of the Fund wasagain recognised externally at the 2011 Investment & Pensions Europe Awardswhere we were joint winner of the Best In-House Investment Team/BestPension Fund Owned Asset Manager award. Despite our continued stronginvestment performance, the Valuation results will show the Scheme hasmoved into deficit because of growing liabilities.

A key feature of the Valuation results will be the Scheme’s longevityexperience. Statistics in the UK suggests that life expectancy continues toimprove and, whilst this is undoubtedly good news for pensioners, it presentsa major challenge for pension schemes such as the BSPS. Experience sincethe last Valuation indicates that Scheme members are, on average, livinglonger than predicted, typically by between 1 and 2 years, increasing theamount of money which will be required to pay pension benefits when they falldue. The impact of these on-going improvements has added around £2 billionto BSPS liabilities over the 20 years to the 2008 Valuation, and a furthersignificant increase in liabilities can be expected as part of the 2011 Valuation.

The Government has consistently highlighted this growth in longevity asjustification why it is necessary to increase the State Pension Age. Page 9 refersto the Government’s latest plans as laid out in the 2012 Budget. Interestingly,in recognition of further likely improvements in life expectancy, theGovernment announced that it would introduce an automatic mechanism forthe review of the State Pension Age to ensure it keeps pace with changes inlife expectancy.

continued over

CHAIRMAN’S INTRODUCTION

PENSIONERS’UPDATE ISSUED TO PENSIONERS AND DEPENDANTS OF THE BRITISH STEEL PENSION SCHEME MAY

2012CONTENTS

Chairman’s Introduction 1

Scheme News 3

Pensioner Associations 4

Member Nominated Director 6

Geoff’s column 7

Budget 2012 9

Jaguar/Land Rover discounts 9

Saving energy in your home 10

Help with your tax 11

Contacting the Pensions Office 12

BSpensionersupdate2012-version1_Layout 1 24/05/2012 16:31 Page 1

I will write to all Scheme members with the outcome of the Valuation once the details have been finalised.

During the year, the Company concluded consultations with employees and their representativesregarding changes to the BSPS for future service to make the Scheme more affordable andsustainable and reduce the risk faced by the Company. As part of a comprehensive range of revisions to the contribution and benefits framework to address cost and risk, the followingchanges have been put in place:

• the accrual rate will fall from 1/60ths to 1/65ths

• a longevity adjustment factor will be introduced to provide greater protection in case future increases in life expectancy are greater than assumed;

• new employees from April 2014 will be enrolled in a ‘nursery’ pension arrangement on a defined contribution basis with the option to be eligible for defined benefit pension provision at a future date subject to agreed conditions regarding the health of the British Steel Pension Scheme being achieved.

The changes apply only in respect of benefits relating to service from 1 April 2012, therefore, I can reassure you that benefits for pensioners and beneficiaries at that date are unaffected.

Long-standing Scheme practice has been for Trustee directors to be split equally between CompanyNominated Directors and Member Nominated Directors. This Update provides details of thenomination and selection process for the Scheme’s Pensioner Member Nominated Director (see page 6). The current incumbent, Geoff Deeley, completes his term of office on 31 December2012. The post is open to any former employee Scheme pensioner who may be interested in therole and the number and quality of applications we have received previously is a welcomeconfirmation of the interest members have in their Scheme. The closing date for self-nominationsis 28 September 2012.

We are always looking for ways to improve the Pensioners’ Update. If you have any suggestions for articles which you think might be of interest to members please get in touch with the PensionsOffice using the contact details on page 12.

All the best to you and yours

Allan JohnstonChairman of B.S. Pension Fund Trustee Limited

Please bear in mind when reading the Pensioners’ Update that different provisions

may apply to benefits originally accrued under pension schemes which have been

subsequently merged into the British Steel Pension Scheme. If you are unclear about

how you may be affected please contact the Pensions Office. Information is provided

for guidance only and is not legal advice. It is correct at the time of going to press.

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Pension increases

Under the Rules of the Scheme, BSPS pensions have beenincreased each year on 1 April by reference to the annualincrease in the Retail Prices Index (RPI) over the precedingJanuary/January period. The relevant increase in RPI (as published by the Office for National Statistics) for theyear to January 2012 was 3.9% and, accordingly, thisincrease was applied to BSPS pensions in April 2012.

Over the last 5 years, the increases applied to the Schemebenefits have been as follows:

2008 2009 2010 2011 2012

4.1% 0.1% 3.7% 5.1% 3.9%

Under the BSPS, increases in respect of service accrued on or after 1 April 2006 are subject to a cap of 4% per annum. For service from 1 April 2012, the cap reduces to 3% per annum. Additionally,increases in respect of service before 1 April 2006 for members of theformer Acquisition Section are subject to a cap of 5% per annum.

Different provisions may apply to benefits originally accrued underpension schemes subsequently merged with the BSPS.

Pension Payments

Monthly pensions are due in advance on the first workingday of each month* and are usually paid into your bankaccount on the last working day of the preceding month.This is to allow for possible delays in the banking system.Payments to building society accounts and bank accountsoutside the UK can take longer to process. The paymentdates for the rest of the 2012/13 Scheme Year are:

Friday, 29 June 2012 Friday, 30 November 2012

Tuesday, 31 July 2012 Friday, 21 December 2012

Friday, 31 August 2012 Thursday, 31 January 2013

Friday, 28 September 2012 Thursday, 28 February 2013

Wednesday, 31 October 2012 Thursday, 28 March 2013

* Pensioners who have a pension payable from the former CorusEngineering Steels Pension Scheme continue to receive their pensionon the 6th of each month or earlier if this day falls on a weekend or bankholiday i.e. Friday 5 October 2012 and Friday 4 January 2013.

For security reasons, it is not possible to accept notificationof change of bank account details over the telephone. Ifyou are changing your bank account please let thePensions Office know, in writing, as soon as possible sothat the records are updated and your pension is paid to

the correct account. Contact details are shown on theback page. Please remember to quote your NationalInsurance number in any correspondence.

Suspended Pensions

Scheme communications are occasionally returnedmarked “Not at this address”. When this happens SchemeOfficers will carry out investigations to ensure that thepension is being paid to the correct recipient. If SchemeOfficers are unable to contact the beneficiary, they willgenerally suspend pension payments for security reasonspending further investigations.

In order to avoid the possibility of pension payments beingsuspended, you should advise the Pensions Office of anychanges to your address as soon as possible to ensureyour pension continues to be paid.

Payment Advice Slips

A payment advice slip is included with your P60 certificateeach year. The payment advice sets out the pension thatyou will receive (including any annual increase due from 1 April) during the Scheme Year. Thereafter, for cost andefficiency reasons, payment advice slips are only issued if your net pension increases or decreases by £30 or morefrom the previous month’s payment. Your net pensionmay vary as a result of changes to the level of taxation on your pension.

P60 (End of Year Certificates)

P60 certificates are issued annually with a letter explainingthe value of the increased Scheme pension to allpensioners and dependants at the end of March. The P60for 2011/12 included the following information:

• Pension payments made during the tax year 6 April 2011 to 5 April 2012. This reflected pension instalments paid for the period 30 April 2011 to 31 March 2012 as pensions are paid monthly in advance, the March 2012 payment included the increase applied on 1 April 2012.

• The tax code used during the year.

• The tax paid or refunded during the tax year.

You may need your P60 as proof of income received or ifyou have any queries about the level of tax you have paidduring the tax year so you should keep it in a safe place.

SCHEME NEWS


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Cumbria Retired Colleagues Association

Alan Reay Telephone 01697 320837Tom Whitehead Telephone 01900 63044Email: [email protected]: 930

The Association is open to all British Steel pensionersliving in the Cumbria area who are over the age of 55.The Association continues to attract recruits from the TataSteel site in Workington.

The Annual General Meeting (AGM) is usually held inDecember or January each year. At the 2011 AGM, ChiefSuperintendent Steve Johnston of Cumbria Police gavean insight into community policing and how policingmethods have changed over the years. Associationmembers greatly appreciated the Chief Superintendent’stime and his presentation sparked a great deal of interestfrom those who attended.

The Association’s social events in 2011 continue to be verywell attended. Over 200 members came to the annualsocial afternoon in June. There were also 2 summercoach excursions to Leeds and Lancaster which provedextremely popular (231 and 119 members respectively),despite the variable weather conditions on both trips!

A “Tinsel and mistletoe” evening at the Trades Hall SocialClub in December attracted 180 attendees. Given thegrowing popularity of these festive celebrations, theCommittee is looking for larger venues which canaccommodate more members for future events.

Planning is currently underway for the 2012 summerprogramme, including a special event to celebrate theQueen’s Diamond Jubilee. Further information will beissued to members.

Pensioner Associations for Scheme pensioners and those in receipt of dependants’ pensions are located throughoutthe country. The Associations are run independently and have no formal association with the Scheme. If you wouldlike to join an Association, or would like to receive further information, please refer to the contact details shown below.

Llanwern Works Retired Employees Association

Roy Manby Telephone 01633 856005Email: [email protected]: 840

Association membership is free to everyone over age 55who worked at Llanwern Works. A dedicated committeeis responsible for arranging various social eventsthroughout the year.

Social occasions offering members the opportunity tocatch up with old friends and colleagues have been verywell attended. For June 2012, the Committee hasarranged a trip to Weston-super-Mare in Somerset, theheart of the West Country, for members to exploreWeston’s new Grand Pier and the beautiful surroundingcoastline. Let’s hope the trip enjoys at least some of theaverage 7 hours of sunshine a day that Weston-super-Mare expects during June.

By contrast, the autumn trip to the ancient city ofWorcester in the Midlands, famed across the world for itsbeautiful porcelain and piquant Worcestershire Sauce,will offer members the chance to soak up the rich andvaried heritage the city has to offer, as well as the plentifulshops within the city walls.

The traditional Christmas Dinner will be held in theSevern View Social Club in Caldicot following the successof last year’s event.

PENSIONER ASSOCIATIONS

HM Revenue & Customs (HMRC) notifies both you and thePensions Office of the tax code which should apply for thenew tax year (6 April 2012 to 5 April 2013). The PensionsOffice can only accept tax code changes directly fromHMRC. Your new tax code reflects your circumstances inthe forthcoming tax year (2012/13) and so is likely to bedifferent to the one shown on your P60 (which refers to the2011/12 tax year).

The Scheme deducts tax at source from your pensionbased on the tax code provided by HMRC.

If you have any queries relating to the tax code used or taxmatters relating to your pension you should contact:

HM Revenue & Customs Centre 1 East Kilbride Glasgow G79 1AA

Tel No: 0845 3000 627

Please have your National Insurance number ready andquote the Scheme reference 961/084181X.


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London Retirement Association

Richard Hewitt Telephone 01932 883348Email: [email protected]: 300

The Association was set up in the 1980s for retiredemployees from any of the London Offices of British Steel,Corus, Tata Steel and the Iron and Steel Statistics Bureauor any associated companies. All new members arewelcome. Membership is free but the Association reliesupon member donations to help meet running costs.

The Association is run by a small committee of members,assisted by 25 “Keep in Touch” officers who areresponsible for maintaining contact with members withintheir own designated area. This is achieved by sendingbirthday and Christmas cards, making telephone calls, orhome and hospital visits (if appropriate).

The Annual General Meeting is held in London, and iscombined with a reunion dinner or lunch. This function isnormally well attended with over 80 members enjoying agreat occasion of fun and friendship.

The Association also celebrates members’ birthdays anda special gift, such as a shopping voucher, is presentedto members every five years from the age of 70 onwards.The Association also pays its respects to any memberwho dies by making a donation to the member’s favouredcharity or similar organisation as a tribute to them.

Newsletters, covering a wide range of interests andtopics, are published and distributed to every memberthree or four times a year.

National Federation of Occupational Pensioners

Tom Bowman Telephone: 01642 874073Email: [email protected]: 9,300

The National Federation of Occupational Pensioners(NFOP) is an umbrella organisation which includespensioners from British Steel, Royal Mail, BT and otheroccupational pension schemes. The NFOP was formedfrom the merger of the National Association of BritishSteel Pensioners (NABSP) and the Federation of RoyalMail and BT Pensioners.

The British Steel section (formerly NABSP) has retainedits independent national structure and is the largest branchin the NFOP. As a result of its size, the British Steel sectionis divided into local groups which meet in a number of theareas where British Steel (now Tata Steel) operated.

The NFOP is generally administered by volunteer officersbut also has a Head Office which employs professionalstaff who can provide members access to free legal,computer, tax and benefit advice and publish a magazine

eight times per year. A separate confidential WelfareFund provides assistance to members in cases offinancial hardship, if required.

The British Steel branch of the Federation aims to servethe interests of British Steel pensioners by presentingtheir views on the Scheme and, on wider pensionerissues, to the Government. During the past year theNFOP has campaigned on such issues as the proposal tophase out payments by cheque and the replacement ofthe Retail Prices Index (RPI) by Consumer Prices Index(CPI) as the measure for the indexation of State benefits.

The Federation recently appointed John Monson as itsChairman following the sad and sudden death of JohnBatstone, a founder member of NABSP and one of itsmain driving forces.

Geoff Deeley, is a member of the Federation and currentlyserves as the Pensioner Member Nominated Director ofthe British Steel Pension Scheme.

Further details of the Federation’s work can be found onits website (www.nfop.org.uk) which also contains amembership application form. The monthly membershipsubscription can be deducted from your Scheme pensionor by alternative means if you prefer.

Port Talbot Retired Employees Association

Bob Leonard Telephone: 01639 773371Membership: 40

Members meet every Wednesday in the British LegionClub in Port Talbot (excluding August and the Christmasperiod). Membership is open to all former companyemployees and partners can become Associate members.

The Association normally hold social events around 4times per year. An annual dinner was held in Januarywhere members were joined by managers and tradeunion representatives from the Port Talbot Works. Allattendees enjoyed the informal evening and were latertreated to rousing entertainment in the form of anaccordion band.

The Association note with regret that one of its mostpopular excursion venues, the Falmouth Beach Hotel,Cornwall, was destroyed by fire in April. As an alternativelocation, a relaxing short break has been arranged forlate spring at the Thoresby Hall Hotel on the edge ofSherwood Forest in Nottinghamshire.

Arrangements are already in hand for the ever-popularannual “Tinsel and Turkey” Christmas celebration.


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The Pensions Act 2004 requires trustees of pensionschemes to put in place a process where at least onethird of trustees are nominated by members ororganisations that represent them. The Trustee boardoperates a long-standing 50/50 split between Companyand Member Nominated Directors within a Trusteeboard constituted of 14 directors. Details of the currentcomposition of the Trustee board were included in the2011 Newsbrief newsletter and can also be found onthe Scheme website www.bspensions.com.

The nomination process for employee members isdirected through the National Trades Union Steel Co-ordinating Committee (NTUSCC), however as there is no particular body that adequately representsthe total pensioner population, the Trustee has aprocess of direct self nomination for the post ofPensioner MND.

If you would like to be considered for this MND role youshould, in the first instance, register your interest byrequesting a self nomination pack from the PensionsOffice. To be eligible you must be a former employeePensioner and must not be an un-discharged bankruptor disqualified from acting as a trustee. Relevant priorknowledge or experience, though advantageous, is notessential as all Trustee directors receive training andsupport to achieve the required knowledge andunderstanding of their responsibilities.

The self nomination pack can be obtained by contacting:

Graeme CunninghamBritish Steel Pension Scheme6th Floor, Sentinel105 Waterloo StreetGlasgowG2 7BW

E-mail: [email protected]

Drawn from the ranks of former employee pensioners (Pensioner MND)

The term of appointment for the current Pensioner MND expires on 31 December 2012 and the Trustee board isinviting former employee pensioners who are interested in applying for this post to nominate themselves forconsideration. MNDs are generally appointed for a period of three-years, and the Pensioner MND appointment willcover the period 1 January 2013 to 31 December 2015.

The current incumbent Geoff Deeley has indicated thathe will be seeking re-selection to the position. He willnot be involved in the selection process.

Self nominations for the Pensioner MND post must bereceived by Friday 28 September 2012. Your applicationwill be acknowledged within one week of receipt.

In line with the Trustee board’s formal procedures forthe nomination and selection of the Pensioner MND,selection will be carried out by a panel of existingTrustee directors (the Selection Committee). SchemeOfficers will shortlist applications for the SelectionCommittee to consider in more detail and interviewswill take place during November 2012.

The Selection Committee will put forward arecommended appointment to the full Trustee board for consideration at the December 2012 Trusteemeeting. Details of all nominations will be presentedto the Selection Committee and full Trustee board fortheir information. The decision of the Trustee board will be final.

If no suitable candidates are identified a furtherexercise may be conducted. All applicants will beadvised of the outcome of their application at eachstage of the process.

MEMBER NOMINATED DIRECTOR


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Geoff Deeley is the Scheme’s Member Nominated Director drawn from the ranksof former employee pensioners (the Pensioner MND). Geoff has been a Trusteedirector since 1997 and his current term of office ends on 31 December 2012.Ahead of the Trustee board’s selection process (see “Member NominatedDirector” above) Geoff details the main duties of the role and gives an insightinto the commitment required.

Pension schemes are mainly set up as a trust in order to benefit from certain tax advantages.The Trustee holds the pension funds assets separately from the sponsoring employer for thesecurity of members’ benefits. All Trustee directors have the same duties and responsibilities,irrespective of their status or how they are selected. The main duty of the Trustee is to administerthe Scheme in accordance with the terms of its Trust Deed & Rules and governing law.

The BSPS is managed by 14 Trustees who are all directors of B.S. Pension Fund Trustee Limited,a corporate trustee company set up for this purpose.

The duties of the Trustee include:

• collecting pension contributions from the Company and employee members, all of which are invested to pay for the benefits due to members;

• establishing an investment strategy and ensuring the Scheme’s assets are properly invested;

• managing the payment of benefits;

• carrying out a number of functions required as part of the Scheme's activities, such as the actuarial valuation and preparation of the annual report and accounts; and

• ensuring the Scheme is run in a way that complies with the law.

Trustees must be able to:

• communicate effectively;

• absorb technical information on pension matters and investments;

• attend all meetings and apply the necessary time commitment to fully carry out the role.

Geoff says:

“The role of a Trustee director today is certainly very different from when I was first appointed in1997. In this article, I will cover the main aspects of the role of a trustee director using myexperience gained over 15 years.

The Trustee board ensures the Scheme is run properly so as to protect and pay the benefits whichmembers have built up. The Trustee board does not define the benefits payable to Schememembers; these are laid down in the Scheme Rules. The role of Tata Steel UK as sponsor of theScheme is vital and the Trustee board works closely with the Company on key issues. Althoughall the trustees have backgrounds in the steel industry the Trustee board is legally distanced fromthe Company and is required to act in the best interests of members.

The law requires that trustees have knowledge and understanding of (among other things) the lawrelating to pensions and trusts, as well as the principles relating to the funding of pension schemesand the investment of scheme assets. The law also requires trustees to be familiar with certainscheme documents including the trust deed and rules, the statement of investment principles andthe statement of funding principles.

GEOFF’S COLUMN


New Trustee directors are expected to acquire the appropriate knowledge and understandingwithin six months of being appointed. Relevant trustee training is provided through the Trusteeboard and each Trustee director is expected to keep their knowledge up to date.

To assist Trustee directors deal with matters, some of which can be very technical, we have acomprehensive team of expert professional advisers, including Paul Burbidge from Towers Watson(the Scheme Actuary), and Travers Smith (our legal advisers). We are not expected to be legal orfinancial experts, but we do need to be able to understand the advice given by professional advisersand I am not adverse to questioning and, if necessary, challenging that advice!

Trustee directors are required to attend 4 scheduled Trustee meetings and any other specialmeetings, relevant sub-committee meetings or training events. Nearly all meetings are held inLondon. In addition, where necessary Trustee directors may be required to deal with matters whicharise outside of meetings.

Trustee directors are provided with detailed briefing papers relevant to the matters underconsideration. These papers contain material to be studied and digested before decisions can betaken and the time this takes can vary depending on the nature of the topic and the experience ofthe individual Trustee director. I know to allow sufficient time before meetings to familiarise myselfwith the briefing papers and, if I need any clarification, I can contact Scheme Officers for assistance.

A key area of Trustee responsibility is investment of the Scheme’s assets, the day-to-daymanagement of which is carried out on the Trustee’s behalf by a specialist in-house investmentteam. The Trustee board has delegated authority to an Investment Committee to oversee themanagement of the Scheme’s investments. The Investment Committee usually meets 4 timesper year and comprises 6 Trustee directors assisted by independent advisers and the ChiefInvestment Officer. As a long-standing Trustee director I was appointed to this Committee and overthe last 8 years I have found it to be both a challenging and rewarding experience. It is particularlysatisfying to note that the Fund’s investment performance over the last 5 and 10 years has beenindependently assessed as the best among the WM50 universe of the UK’s largest pension funds.

The Trustee board has also established a Valuation/Covenant Committee to engage directly withthe Company on matters that might affect the covenant i.e. the Company’s legal obligations to theScheme and its ability to meet them, or the Scheme’s funding position. The Committee consistsof 4 Trustee directors and they are assisted by Scheme Officers and professional advisers such asthe Scheme Actuary.

On average, the time commitment required from a Trustee director including preparing, attendingand travelling to and from Trustee board meetings and training events may be in the order of 20days per annum, although this estimate can vary considerably depending on trustee workloads.

The Trustee director role is voluntary and unpaid; however reasonable expenses incurred in therole are reimbursed.

It is worth emphasising that the position of a Trustee director is a responsible one and should notbe taken lightly, but it can also be a very worthwhile experience. While I have certainly found therole to be demanding at times my involvement in the management of the Scheme also remains aconsiderable source of personal satisfaction and pride.“

Regards,

GeoffGeoff Deeley

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Tax Allowances

The Government’s Budget was delivered on 21 March2012 and amongst other items the Chancellor confirmedplans to increase the level of the personal tax allowance(i.e. the amount of income you can receive before payingtax) for 2013-14. In a move designed to reduce the numberof low earners who would be subject to tax on theirincome, the personal tax allowance will rise from £8,105to £9,205 in 2013 – towards the Government’s target of £10,000.

However, in a move which has sparked concern amongstsome pensioners, tax allowances for over-65s (currently£10,500 - £10,660) will be frozen from 5 April 2013, untilthey align with personal allowances for under-65s.

Please contact HM Revenue and Customs (HMRC) if youwish to find out how this change may affect you. HMRCcontact details are provided above (page 4).

State Pension Age changes

The Government has confirmed that the increase to theState Pension Age (SPA) to age 66 will be pushed back by

6 months from April to October 2020. This change isintended to lessen the impact on women born in 1953 and1954 who had previously faced a 2 year increase in SPA.

It is proposed that the SPA will rise from 66 to 67 betweenApril 2026 and April 2028. These proposals would meanthat individuals with a date of birth after 5 April 1960 wouldhave a SPA higher than 66.

The Government also announced that there was to be anautomatic review of the SPA to ensure it keeps pace withchanges in life expectancy.

State Pension Reform

Following its consultation on State pension reform, theGovernment confirmed in the Budget that a simplifiedbasic State pension will be introduced; creating a singletier flat rate pension set at £140 per week subject tocontributions. Further details on the proposal are to be putforward by the Government later in the year.

The Chancellor said the new system will not apply tocurrent pensioners and will take several years toimplement fully.

BUDGET 2012

JAGUAR / LAND ROVER DISCOUNTS

The Tata Group Employee Privilege Scheme offers discountsto BSPS Pensioners when buying a new Land Rover or Jaguar.

The terms vary between models but you can claim* up to 20% off the list price of a new Land Rover includingFreelander, Range Rover, Range Rover Sport and Defender models (excluding the Range Rover Evoque, Freelander2 S derivative and Land Rover Limited Editions models). A discount of 20% is also available off the price of a newJaguar (Jaguar XF 2.2 SE and SE Business models are not available).

Discounts apply to the list price net of VAT and are available at the point of order. They do not apply to factory-fittedoptions, and cannot be used in conjunction with any other offer. The offer applies to new vehicles first registered in thename of the pensioner and must be owned and retained by the pensioner for a minimum 12-month period.

If the Sales Manager of your local dealership is unsure of the process, please ask them to contact the Privilege Teamat Jaguar Land Rover on 0800 055 6481.* on receipt of proof of identity, including photo ID, together with a BSPS statement (e.g. pension increase letter, payslip etc). Under this arrangementonly one Jaguar/Land Rover product can be purchased on these discount terms in any 12 month period.


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Leading energy companies are warning that wholesale costs will be around 15% higher this winter, which couldresult in a further £50 added to household bills, which have already increased significantly in recent years. In advanceof any future price increases applying, now is a good time to consider what steps might be available to you to reduceyour energy costs.

CHECK if there’s a cheaper way to payIf you pay by cash or cheque your supplier will be writing to you this winter, but you don’t have to wait fortheir letter to find out if you could be saving money. You can contact your energy supplier directly to askthem what the cheapest deal is that they can offer you.

You can also find out whether you're eligible for extra financial help if you're on a low income, or additionalsupport from the suppliers’ Priority Services Register.

On average, people paying their bills by direct debit save £100 a year

SWITCH to a cheaper energy firmYou may be able to save up to £200 on your annual bill by shopping around for a different supplier,particularly if you've never changed energy firm before.

Switching websites can help you find the best gas and electricity rates. Make sure you use a switchingservice accredited by Consumer Focus Confidence Code to guarantee that you'll get independent, accurateand up-to-date information to help you choose the best deal.

The Energy Best Deal scheme, run by Citizens Advice, offers face-to-face advice sessions to help peopleto shop around and switch, reduce their bills, and get help if they are falling behind on payments. Extraadvice is also available online through six new help videos.

There are 13 energy switch websites accredited by Consumer Focus

INSULATE your home to save energy and moneyYou can contact the Energy Saving Trust on 0800 512 012 or the Home Heat Helpline on 0800 336699 foradvice on saving energy and grants and schemes available to help make your home warmer and saveyou money.

You can also speak directly to your energy firm about the free or discounted insulation and other energyefficiency measures they may be able to offer you.

Fully insulating your home could save you £100 a year

Become more ENERGY EFFICIENT at homeBecoming energy efficient at home can cut your fuel bills. This doesn’t have to mean making big changes– small measures can save you money too.

• Switch off appliances rather than leaving them on stand-by when you are not using them.

• Installing letter box covers or draught excluders can make your home warmer. Draught-proofingcould save you up to £25 a year.

• When it’s time to replace appliances, look for products with the Energy Saving Trust recommendedlogo because these will cost you less to run. Choosing an A+ or A++ rated refrigerator, for example, couldsave you up to £13 a year.

• Opting for low-energy light bulbs, checking your heating isn’t set too high and drawing the curtainsin the evenings will all help you make savings too.

Be aware of the energy rating when replacing any household appliances

SAVING ENERGY IN YOUR HOME


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Other help and informationCitizens Advice Bureau and Age UK

Your local Citizens Advice Bureau (Tel: 020 7833 2181) or Age UK (Tel: 0800 169 6565) could offer advice and informationif you’re having trouble paying your energy bills, tell you about help available and check whether you may be entitled tocash benefits and to low cost or no cost home improvements.

Citizens Advice also offers energy advice through its online advice guide.

Consumer Focus and Which?

Consumer Focus (Tel: 020 7799 7900 or website: www.consumerfocus.org.uk) produces a quarterly league tableshowing how the big energy suppliers are doing on customer complaints. This rates the companies based on the volumeand seriousness of complaints made to third party organisations and how long consumers had been waiting to get theircomplaints resolved. It scores them on complaints against them per 100,000 customers.

Consumer Focus and Which? (www.which.co.uk/switch) also offer online energy information. Consumer Focus alsoruns a scheme which directs people to the best energy switching services.

Directgov

Directgov has new advice pages to help you save money on your energy bills. Consumer Direct (Tel: 08454 04 05 06)also offers energy advice and help with complaints on its telephone helplines.

Wales

Energy customers in Wales can call the Welsh government’s Nest scheme on freephone 0800 512 012 (or 0300 4562655 from mobiles). It offers advice on saving energy, and can tell you whether you could be entitled to extra cash tohelp make ends meet and if you qualify for free or low cost home improvements, to help make your home warmer.

Scotland

For advice on keeping your home warm and for further information about offers and discounts, consumers in Scotlandcan contact the Scottish government’s Home Energy Scotland hotline on 0800 512 012 or complete an online HomeEnergy Check.

HELP WITH YOUR TAX If you are unsure of how to deal with your tax matters,there are a number of charitable organisations availablethat provide free professional help on tax issues for peopleon modest incomes who may not be able to afford to payfor professional advice.

One such organisation is TaxHelp for Older People (T.O.P.).Their contact details are as follows:

TaxHelp for Older People Pineapple Business Park Salway Ash BridportDorset DT6 5DB Telephone Number: 01308 488066 or 0845 6013321

You can contact them by e-mail: [email protected]

For more information you can visit their website atwww.taxvol.org.uk.


You can contact us in the following ways:

Email [email protected]

Fax 0141 248 5299

Website www.bspensions.com

TelephoneIf your surname begins A-K: 0330 440 0800If your surname begins L-Z: 0330 440 0801

Writing from the UK (no need for a stamp) British Steel Pension SchemeFREEPOST RLXS-ZXKT-AUERGLASGOW G2 7BW

Writing from outside the UKBritish Steel Pension Scheme6th floor, Sentinel105 Waterloo StreetGLASGOW G2 7BWScotland, United Kingdom

Standard office hours are 8.45 am to 4.45 pm Monday toFriday. If you telephone outside these hours or duringstatutory holidays, you will normally be able to leave amessage and we will reply to you as soon as possible.

Receive Newsletters On-Line

Many people find it more convenient to receive theirScheme newsletters by e-mail. This helps reduceScheme costs and is good news for the environment. If

you would prefer to receive future Newsletterselectronically (rather than a paper copy), please advise thePensions Office of your e-mail address by one of themeans shown above. Please quote your NationalInsurance Number.

Scheme Website

The Scheme Website is regularly updated with relevanttopics of likely interest to Scheme members. We invite youto visit the site regularly and provide us with feedbackregarding its effectiveness or additional information thatyou would like to see included.

You can find the website at www.bspensions.com.

It is also worth noting that if you own asmart phone with a bar code readerinstalled you can scan the following QuickResponse (QR) barcode to gain access tothe site directly from your mobile device.

Bar code readers are usually free to download and allowan increasing number of people to access websites whilethey are on the move.

Your feedback

We are very keen to receive feedback on allcommunications issued by the Pensions Office. If youhave any comments on this edition of the Pensioners’Update, or if you have any suggestions for future editions,please write to:

Graeme CunninghamBritish Steel Pension SchemeFREEPOST RLXS-ZXKT-AUERGlasgow G2 7BW

The Pensioners’ Update is available, as always,on audio tape, Braille, CD and large print formats.

If you have used this service before, we will automatically send you a copy in your preferred format after you receive the printed version.

To register for this service for the first time, please telephone us on

0330 440 0802and let us know which version you require.

This service is provided free of charge.The Scheme website www.bspensions.com is compatible with Browsealoud which allows

you to have website content read to you. Browsealoud software is free to download.

When contacting the Pensions Office, please quote your National Insurance number and indicate if yourenquiry relates to your membership of the former Corus Engineering Steels Pension Scheme (CESPS).

CONTACTING THE PENSIONS OFFICE

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PENSIONERS’ 2012 UPDATE - bspensions.com to the Pensioners’ Update 2012. ... typically by between 1 and 2 years, ... [email protected] Membership: ...

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