Defined Benefit  

British Steel pension transfers hit £1bn

Alistair Cunningham, director of Wingate Financial Planning, agreed the numbers seemed lower than expected.

He said: "The value transferred per member is as you would have expected but the number that have transferred out sounds to be on the lower side of what I would have expected based on what I have heard.

"The issue with the figures is we are only going to know after it is closed."

Scott Gallacher, Chartered financial planner at Rowley Turton, who currently has a case going through the process, estimated the backlog to amount to about two weeks.

He said: "The number of cases on its own does not raise alarm bells but it depends on what it ends up as. We think they are at least a couple of weeks behind with processing cases."

Pension transfers that haven't been processed within the given deadline will either be moved to the PPF or the new scheme BSPS 2.

Transfer values quoted thereafter will be based on the new scheme and will most certainly be lower, Mr Tapper said.

carmen.reichman@ft.com