Financial planning technology firm CashCalc has developed a calculator tool specifically for members of the British Steel Pension Scheme (BSPS) scheme.
Around 40,000 BSPS members have a deadline of 11 December to choose whether to go into the Pension Protection Fund (PPF) or the new BSPS scheme.
The merits of the two options is different for each member. To help members assess their options CashCalc has developed a free calculator tool which analyses the numbers and provides an analysis of the two choices for members.
Tom Newton, head of web-development at CashCalc, said the idea of the tool was to make things easier for the BSPS members.
‘The information provided to a member of the British Steel Pension Scheme within their “Time to Choose Booklet” makes it very difficult for them to determine which scheme is actually best for their individual situation. The calculator we built for AdviserBook will enable members to research things for themselves before deciding how to proceed.’
The tool has been built for the new adviser directory AdviserBook which was developed by Ray Adams, director of Niche Independent Financial Advisers.
The new tool is not designed as a replacement for financial advice, CashCalc said.
Last week New Model Adviser® revealed the Financial Conduct Authority (FCA) has told advisers in the area to attend a training seminar or defined benefit (DB) transfer advice.
Swansea is one of the sites where a lot of the BSPS members are located.
The calculator can be accessed here.