A review of British Steel Pension Scheme by MR LEE WARLOW written on Saturday 6th of January 2018
The following emails have been sent to BS pension office several times with no answer forthcoming-
Subject: Fund Valuation
Name: Mr Lee Warlow
Member Ref: ****
Hi, Please could you tell me how much in total are the assets going forward into the new BSP fund.
Andy Dunbar (Trustee) quoted a valuation of £15 BLN 2 months ago in front of an audience of over 200 active members at the Port Talbot meeting & stated it would last many decades.I'm not so sure as i
have it on good
authority that the estimated valuation is currently closer to £10 BLN,
resulting in a difference of £5 BLN from the Mr Dunbar's quote.
A quite considerable figure, & if true, an embarrassment for the Trustees.
I phoned the Helpline (A call which i have recorded), to obtain some information on the truth of topic, & it
is their understanding that the fund is worth £15 BLN as well. If this was not the case it would
mean they have been advising without having accurate figures from the fund auditors.
I would be grateful for some clarification on the matter.
As a sidenote, there is strong rumour that while extolling the virtues of the new fund,
Mr Andy Dunbar has taken his Transfer money and left the fund he reccommends,
this possibly being the
case, would hardly fill the existing members with confidence. If possible i would like to know if
there is any creedence to the story on this Trustee.
Although i have voted to join the new BSP fund, I would like to see maximum transparency on the subject.
Thank you for your valuable time,
Mr Lee Warlow.
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Map showing British Steel Pension Scheme on Waterloo Street