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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.

Rodders Hewitt
2024-03-08
Pension Claim Consulting Ltd ...have for me done a great job ...within the expected time scale ...Couldn't have asked for more
Phil C
2024-02-23
Thank you to all at PCC. My claim was managed brilliantly and was successful. I can highly recommended their services. Thank you once again
Christopher Fraser
2024-02-07
After identifying a concern regarding my pension, I sought advice from Pension Claim Consulting. The response and customer service was swift and amazing. The courtesy and care taken throughout the whole process was phenomenal. The consultant’s communication from start to finish filled me with confidence that PCC do exactly what they state and were on hand whenever required. The level of understanding, empathy for the frustrations, and patience is by far the best I’ve witnessed. I cannot thank PCC enough for their outstanding work ethic and dedication to customers/clients. If you have any concerns at all regarding your pension, then I would highly recommend that you get in touch with them.
Andy Yates
2024-02-06
Fantastic service, so impressed with Pension Claims Consulting. None stop updates throughout and everyone who works there was so helpful and supportive in every way. Thank you so much for getting my pension back.
Robert Manningham
2024-02-05
Pension Claim Consulting Ltd successfully won a case on my behalf following misguided advice I received in relation to my pension. They were most proactive in the process and kept me fully informed every step of the way. I have no hesitation in recommending their services.
Deanamo 84
2024-02-05
Very professional, very thorough and very good at what they do. Always at the end of the phone or email for any questions at anytime throughout the process. I can’t recommend them enough.
Roger King
2024-01-16
Pension Claim Consulting managed to reclaim some of my pension by constantly chasing the company that fraudulently took my money. I though that I had lost everything. I cannot thank them enough on recovering some of my pension back.
Susan Stringer
2023-10-17
Excellent standard of service. The claim was protracted substantially by virtue of opponents trying hard to not accept any responsibility for their actions and not return the pension fund. PCC kept me fully informed throughout the process, obtained an excellent result for me.They also kept chasing the opponent when little action was taking place from them. The staff were always pleasant and helpful to deal with and very encouraging when I felt my claim was doomed to failure. I can not praise highly enough
Paul Wilshaw
2023-10-17
Very professional and informative from the beginning of our 5 year relationship. They talked me through every step of the process with what to expect. I would recommend Pension Claim Consulting to anyone who wants an honest and professional service.
Bill Cass
2023-10-16
Great team and they will get the best outcome they can always kept informed the process took a longtime not because of anything pension claims consulting did purely the pension sip provider playing games i would 110% recommend this company to pursue your claim without doubt best thing i have done they didn't give up on my claim even though I had given up on any good outcome however finally resolved and paid thank you pension claim consulting
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.