If you were ever a member of the old British Steel pension scheme and were advised to transfer out, you could be owed money.

You could be one of the many people due compensation after receiving unsuitable advice to transfer out of the British Steel Pension Scheme (BSPS).

This could apply to you even if:

·      the firm told you they could not recommend the transfer but still facilitated it!

·      the firm explained the transfer was suitable if you wanted to release your tax free cash lump sum to repay debt

·      the firm explained that your family members would benefit from the transfer in case of your death

·      your new pension fund has increased and you can’t see a physical loss

Pension Transfer Advice

Hundreds of steelworkers have already complained about the advice they received from financial advisors.

Even if you’re happy with your decision to transfer, you should consider making a claim now, as your case could be time barred at a later date.

If you don’t, you may end up with less money in retirement than you should have done.

For example:

Mr T has been a member of the Lloyds pension scheme and transferred approximately £70,000 away in 2009, the loss of his benefit was calculated to be £317,000 in 2019

Ms G was a member of the NHS pension scheme and transferred £135,100 away in 2012. Her loss was calculated to be £310,000 in 2019.

Mr B was a member of the Saint Gobain Pension Scheme. He transferred out £21,700 out in 2011 and the loss was calculated to be £82,000 in 2017.

Mr H was a member of the Armed Forces Pension Scheme and transferred £43,000 away in 2011. His loss in 2020 was calculated to be £158,300

So even if you have experienced growth on your current plan, you may still be entitled to money redress!

Compensation

If the IFA firm should reject your case in the first instance, the Financial Ombudsman could still award you up to £160,000 in compensation, if they agree that the firm gave unsuitable advice.

If the firm is no longer trading, the FSCS may be able to compensate you up to £85,000.

Get Claims Advice Now!

We understand that making your claim may seem like a worrying process, so why don’t you contact us for an informal chat to explore your options?

We offer a pension claim consulting service and a pension claims expert will be happy to give you an idea as how to progress a complaint yourself or assist with the process.

As we don’t buy data from the involved companies we don’t share our fees, meaning our charges are reasonable.

And you’ll only ever pay on success – once you’ve received your money redress – and are satisfied with the service we have provided.

 

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