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British Steel Pension Transfer Claims

If you’re one of the 7000 members of the British Steel Pension Scheme that requested pension transfer values since April 2018 in order to transfer away from the BSPS, you may want to check the advice you received hasn’t left you in a worse position.

Reports show that pension transfer valuations exceeding a total of £200m were requested on behalf of British Steel Pension members leading up to September 2018 –  a huge amount!

But what may be more concerning is that related reports say that around 4,300 of these transfer requests contain a worrying lack of data, including missing employment start dates, incorrect estimates and little to no information on the individuals themselves… all adding up to a stack of what appear to be mis-sold pensions.

As many as 1 in 3 may have received the wrong advice to transfer away, and may be able to make a claim for a mis-sold pension transfer.

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Have British Steel workers been scammed?

In order to transfer from a Defined Benefit Pension Scheme (such as the BSPS), a regulated financial adviser is required to provide advice to the individual if he value is over £30k. But if those advisers aren’t doing their job properly, or working off minimal information, how can they possibly give advice that is in the individuals best interest?

Did you know that financial advisers can charge huge fees for transferring British Steel pensions? Did you know they can earn huge commissions from the receiving pension schemes and investment companies?

What if your pension transfer wasn’t in your best interests, it was in your advisers?

What if you’ve left the pan, and now you’re in the fire?

Speak with a specialist claims handler today

If you transferred your British Steel pension, you may be able to claim. Speak with a specialist for free to discuss your options.

Get Claims Advice are a claims management company. You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

Did you transfer your British Steel pension?

If you transferred then you may have been mis-sold by many others.

The British Steel pension scandal was pretty big news, getting mentioned in parliament and with many advisers being held to account for poor advice, high-pressure sales tactics and exploiting the situation with BSPS1.

If you haven’t already checked to see if you can make a claim, book a FREE initial assessment with a Get Claims Advice specialist case assessor – you may be able to make a claim with no upfront costs!

Please note: you have an initial cooling off period of 14 days, if you cancel outside of this period you may be charged for the work carried out and if we have already submitted your claim, which results in an offer of compensation subsequently being made, we will charge our full fee as per our T&Cs – our fee is 20% + VAT – a total of 24%. 

Can you claim for a mis-sold final salary pension transfer?

If you’ve transferred an British Steel Final Salary pension, then you may have lost money in the long run, may have been mis-sold, and may be able to make a claim.

Get Claims Advice Ltd offer a FREE initial assessment to test your case for signs of pension mis-selling, to see if you can make a claim.

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British Steel Pension Scandal

Nov 2017 - Seminars

The FCA, aware that advisers are circling BSPS members like sharks, holds seminars around British Steel sites, and urges good advisers to blow the whistle on bad transfer advice.

Nov 2017 - Active Wealth (UK)

Another big development in November was the Active Wealth (UK) Ltd being asked by the FCA to stop DB pension advice, over apparent concerns about how the firm gave British Steel pension members advice.

2017 - MPs quiz advisers

By the end of November, the FCA was fully mobilised, and MPs from the Work and Pensions Select Committee asked advisers who had dealings during the developing crisis to submit evidence.

Dec 2017 - PPF Warnings

The Pension Protection Fund – the ‘lifeboat’ fund for pension schemes like BSPS warned financial advisers not to use “fear tactics” to persuade people to transfer when it wasn’t suitable for them.

Dec - 2 More firms restricted

Two more financial advisers agreed to stop giving advice to Defined Benefit pension holders in the wake of the growing scandal: Mansion Park and Pembrokeshire Mortgage Centre (although the latter firm seems to have regained it’s permissions according to the FCA register).

Jan 2018 - 1in3 may have been mis-sold

The city watchdog – the FCA – releases data that indicates that as many as 1 in 3 transfers away from the British Steel Pension Scheme may have been negligent. 33% were declared unsuitable, with a further 16% unclear.

Speak with a Specialist

Did you know, we’re specialists in mis-sold pension transfer claims?

If you needed any more reason to choose Get Claims Advice, we’re experienced with Final Salary Claims. Use the button below to see an example of a real life successful mis-sold pension claim we have made on behalf of one of our clients

View Example

What makes a pension transfer mis-sold?

Moving a final salary or other defined benefit pension is rarely advisable, except in certain situations. While moving your pension may earn your adviser big fees and commissions, you may lose more than you hoped:

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