Some 86% of the British Steel Pension Scheme's participants voted to move to a new pension fund, the New British Steel Pension Scheme, the London-based £14 billion ($19.4 billion) pension fund said in a news release Monday.
The remaining 14% of participants of the original pension fund will now be covered by the £29.6 billion Pension Protection Fund, London, the U.K.'s lifeboat for the defined benefit funds of insolvent companies, at the end of March, according to the news release.
"The New BSPS offers benefits that for most members are the same or better than the PPF and around 83,000 members have chosen to switch to the new scheme," said Allan Johnston, BSPS trustee chairman, in the release.
In September,the U.K. Pensions Regulator approved the separation of the BSPS from Tata Steel U.K. As part of the process, BSPS received £550 million and a 33% equity stake in Tata Steel U.K.
A spokesman could not be reached to provide additional details about the new plan.