In August 2017, the pension regulator gave Tata Steel permission to close the British Steel Pension Scheme. Members of the scheme then had a decision to make. One of the options they had was to let their pension fall into the Pension Protection Fund, the government scheme that handles corporate pension plans that fail.
Another option steelworkers had was to move their pension to a less generous new version of the British Steel Pension Scheme. Many steelworkers also had a third option, however. This was to get a lump sum from their British Steel Pension Scheme and then transfer that to a private pension.
The latter option meant taking professional investment advice, which is where things started to go wrong for many British Steel pension holders.
Were you one of them? Please contact us as you may have been given incorrect advice and/or you may have been mis-sold your new pension plan.
If You Were Mis-Sold, We Can Help You Make a Claim
If you were a member of the British Steel Pension Scheme and were given misleading or incorrect advice about transferring your pension, please complete the form on this page and a member of our team will get back to you.
Problems with the British Steel Pension Scheme and Related Transfer Advice
Concerns about the advice being given to steelworkers came to prominence following an investigation by a pensions expert. That expert found that many of the workers had little understanding of what they were agreeing to with their pensions and the risks involved.
In fact, at least one firm has agreed to a request from the FCA to stop offering advice to steelworkers to transfer their pensions.
If you have received advice to transfer your British Steel pension into a private pension plan, you may have been mis-sold. Please get in touch today as we can help you make a claim.