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British Steel Pension Scheme

Are you one of the 8,000 members of the British Steel Pension Scheme who transferred their Pension?

During 2017 British Steel Pension Scheme (BSPS) members were faced with a choice about their pension. They could either:

  • Keep their pension in the old scheme, which was moved as part of pension liability restructuring
  • Move their pension to a new plan – BSPS2
  • Or transfer out altogether

Around 8,000 BSPS members are believed to have transferred out with a collective value worth nearly £2.8bn!

Many members were advised to transfer into a private pension arrangement or Self-Invested Personal Pension (SIPP).

What was wrong with British Steel Pension Scheme pension transfers?

The advice to transfer was not the most suitable option for most BSPS members.

Transferring from a Defined Benefit (DB) pension, like BSPS, into a private pension arrangement meant many would have lost the benefits they had built up in the British Steel Pension Scheme.

Achieving the same level of benefits from their new plan may not be realistic.

Concerns were soon raised and the Financial Conduct Authority intervened. This resulted in a number of advice firms, involved with transfer advice, stopping their advice services or going out of business.

Which Advisers were involved with BSPS transfer advice?

There have been several advisers involved with giving BSPS transfer advice.

Here’s a list of those advice firms who have been declared in default by the Financial Services Compensation Scheme (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 they are unlikely or unable to pay compensation.

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

 

What can I do if I transferred from the old British Steel Pension Scheme?

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.

 

If you want to know more – we can help!

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

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

Our initial 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 in their Trustpilot reviews below.

Robert Pemberton
2022-04-11
Antony Stroud
2022-04-08
Excellent company, would definitely use again, they never gave up
Junior Geener
2022-03-20
always kept you informed has to what was going on .I'd recommend pension claim to anybody
Ian Gaynor
2022-03-14
A thoroughly positive result and experience. In all honesty I didn't have much hope of any success following a truly dodgy pension investment. I spent years angry at myself then decided to let these guys have a go on my behalf. It took hardy any effort on my part and they kept me fully informed, then out of the blue I got a call saying they have won all my pension back plus more and within days it hit my account. Thrilled with their effort and professionalism. I dealt with a few different staff and all were informative, polite and helpful. I great end to a terrible situation. 100% genuine review and I cannot recommend them enough. Thank you.
Grace Anderson
2022-03-11
Pension Claim Consulting were a Godsend. I was told about them by a friend who had also invested in a pension. They kept me informed on the progress of my claim with regular updates and answered my queries with patience and professionalism. There percentage for on behalf was also lower than expected. I can't thank them enough
adrian buck
2022-03-10
Keith Wilkins
2022-03-09
Very thorough and achieved the goal regarding compensation in full. Took a while but was worth the wait
Mark Holmes
2022-03-08
Excellent service. Great result.
michael dixon
2022-03-08
I was approached by Pension Claim Consulting after the company that was handle ing my SIPP had been investigated by the Financial Ombudsmen and informed me i had a case, with this information given to me i agreed to let them represent me in trying to reclaim my investment. All through the process i was informed of every step and on a regular basis even though it took many months the outcome was successful and i was reimbursed fully. This is a fantastic company to work with and dedicated staff who know their business. Many Thanks. Mike Dixon.
Roderick Turnbull
2022-03-08
Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.