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Latest on the British Steel Pension Scheme advice ‘Debacle’

8 December 2021

Claims relating to unsuitable pension transfer advice given to British Steel Pension Scheme member has meant  3 more adviser firms were declared in default last month.

And the British Steel Pension Scheme ‘debacle’ shows no signs of ending.

According to reports, as of November 2021 the FSCS had received 1,018 complaints from former members of the BSPS.

These claims relate to unsuitable pension transfer advice given to British Steel Pension Scheme members.

For which the lifeboat scheme has paid out more than £30m in compensation.

 

How did the BSPS ‘debacle’ happen?

Three years ago, British Steel pension scheme members were given the choice about their pension.

They could either move their pension to a new plan – BSPS2, stick with the old scheme (which was moved as part of pension liability restructuring) or transfer out altogether.

This resulted in around 8,000 BSPS members transferring out to the collective tune of £2.8bn!

But transferring into a private pension arrangement meant many would lose out on valuable benefits already built up in the BSPS. And could mean they will be worse off in retirement.

Concerns were soon raised which resulted in the FCA intervening and a number of advice firms, involved with these transfers, stopped their advice services or went out of business.

 

Which Advisers were involved with British Steel pension advice?

Many advisers were involved with giving BSPS members pension transfer advice.

Here’s a list of advice firms who have been declared in default by the FSCS:

What does it mean if my adviser is in default?

If your adviser or firm has been declared in default it means the FSCS are satisfied that there are protected claims against the firm and that the firm is unlikely or unable to pay compensation.

When this happens the liability is passed on to the FSCS who will process claims for compensation.

Did you receive advice to transfer from the old British Steel Pension Scheme?

If you did, then you might be owed money.

You could be due compensation if the advice you received to transfer out of the British Steel Pension Scheme (BSPS) was unsuitable.

Even if you’re happy with your decision to transfer, you should still consider making a claim. If you don’t, you may end up with less money in retirement.

Need some help?

If you’re unsure about the advice you received to transfer from your BSPS pension – our initial assessment can help.

Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience may indicate that mis-selling has happened.

Our assessment is free and there’s absolutely no obligation to use our service if you have case. See what our clients have to say about our service on Trustpilot.

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2022-03-11
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