British Steel Pension Scheme transfer

If your pension was in the old British Steel Pension Scheme (BSPS), you could be one of the many people owed money after receiving unsuitable advice to transfer out. Hundreds of steelworkers have already complained about the advice they received. 

Which organisation do I need to talk to?

What do I do if my advice firm went out of business before 28 February 2023? 

What do I do if my advice firm went out of business from 28 February 2023?

Frequently asked questions 

Frequently asked questions about the FCA redress scheme 


Which organisation do I need to talk to?
 
If the firm that advised you to transfer has gone out of business and FSCS has declared it in default, you should make a claim with us. If you don’t, you may end up with less money in retirement than you should have done. FSCS may be able to pay up to £85,000 in compensation. 

If the firm that advised you is still trading, you should speak directly to the firm in the first instance. If you are not happy with the outcome of your complaint, the Financial Ombudsman Service can help you.

The Financial Conduct Authority (FCA) has confirmed a separate consumer redress scheme for people who were advised to transfer out of the BSPS between 26 May 2016 and 29 March 2018. This scheme started on 28 February 2023. If you've not received a decision from us or did not receive redress from your IFA by this date, you will be part of the scheme. Visit the FCA’s webpage to find out more. 

Customers of firms that have already failed can make a claim to FSCS immediately.  

What do I do if my advice firm went out of business before 28 February 2023? 
When a firm goes out of business – also known as becoming insolvent e.g. it enters ‘liquidation’ or administration’. If you have already submitted a claim to FSCS and your claim was still in progress on 28 February 2023, you will have been automatically opted into the BSPS redress scheme if you received advice to transfer between 26 May 2016 and 29 March 2018.  

We will write to you individually to explain how your claim will progress. 

If you are starting a new claim, you should: 

  • Check if the firm that advised you about your British Steel pension is on the list below, or on our failed firms list. 
  • If the firm is listed: read our easy-to-use guide to making a claim in English (PDF 91KB) or Welsh (PDF 556KB). When you’re ready, start your claim. 
  • If the firm is not listed: either contact us to ask or contact the Financial Ombudsman Service, which has a dedicated team, webpage and email address for former BSPS members. 

We understand that making a claim may seem like a daunting process. Claiming with FSCS is completely free and confidential. We're here to help you each step of the way and to ensure the process is as simple as possible. 

You can also find out more about defined benefit pension transfer advice generally, including how we calculate compensation for pension transfer claims. 

 

Acklam Financial Ltd, FRN 223707
Active Wealth (UK) Ltd, FRN 631415
Argent Wealth Ltd, trading as Orchard Financial Planners, Morley James Asset Management, FRN 515379
A. W. Dallas Financial Services Ltd, trading as Portfolio Pension Consultancy, FRN 481208
Bailey Richards Wealth Management Ltd, FRN 583487
Bartholomew Hawkins Ltd, trading as Turris Port Wealth Management Ltd, FRN 489590
Better Retirement Group Ltd, FRN 153420
Briggs Murray Financial Planning & Wealth Management Ltd, trading as Briggs Murray Wealth, FRN 773229
Broadgate Financial Management LLP, FRN 589112
Capital and Income Solutions Ltd, FRN 462885
Channel One Financial Planning LLP, trading as Channel One Financial Services, FRN 542078
County Capital Wealth Management Ltd trading as The Pension Review Service, Fathom, FRN 463679
Douglas Baillie Ltd & Fast Pensions Ltd, FRN 187675
Estate Matters Financial Ltd, trading as Pension Matters, FRN 472900
Fiducia Wealth Solutions, formerly Regen Investments Ltd, FRN 646975
F P Consulting Ltd, trading as The Salmon Partnership, RMS Wealth Management, Honeypot Financial Services, Chilworth Financial Management, FRN 195084
Keywood Olley & Associates Ltd, trading as North East Mortgages, EMH Financial Planning, FRN 401067
Hyde Financial Management Ltd, formerly Imperial Wealth Management Ltd, FRN 501271
Independent Benefit Consultancy Ltd, FRN 522390
Intuitive Financial Associates LLP, FRN 516067
John Coldwell Pensions & Investments Ltd, formerly Prophecy Pensions and Investments Ltd, FRN 434114
John Dyer Ltd, FRN 125135
Mansion Park Ltd, trading as Mansion Park Scotland, David Head MPL, Michael J Alexander, FRN 209313
Mercia Financial Planning, Ltd FRN 718251
Network Direct Ltd, FRN 501761
Omega Financial Solutions, FRN 624826
Pembrokeshire Mortgage Centre Ltd, trading as County Financial Consultants, FRN 479220
Portal Financial Services LLP, formerly Portafina LLP, FRN 501272
PWH Financial Planning Ltd, trading as WGN Wealth Management, FRN 506351
Prism Independent Financial Advisers Ltd, FRN 515431
Retirement and Pension Planning Services Ltd, FRN 542640
RSS & L Ltd, FRN 774374
S & M Hughes Ltd, trading as Crescent Financial, FRN 566837
Smith, Law & Shepherds I.F.A Ltd, FRN 719232
The Ntrust Group Ltd, FRN 232159
Tramway Financial Management Ltd, FRN 752006
Vintage Investment Services, trading as Vintage, Vintage Protect, Vintage Mortgages, FRN 142806
Wealthmasters Financial Management Ltd, FRN 536087
West Wales Financial Services Ltd, trading as IWA Financial Solutions, and Mike Powell Mortgages, FRN 756482
Whitebridge Financial Planning Ltd, FRN 773229

 

CHECK IF YOU CAN CLAIM

What do I do if my advice firm goes out of business from 28 February 2023 onwards? 
Advice firms should be writing to customers about the redress scheme between 28 February and 28 March 2023.

If your advice firm goes out of business – also known as becoming insolvent e.g. it enters ‘liquidation’ or administration’ - during the redress scheme your case will transfer to FSCS.  

We will aim to get information from the firm so that we can start your claim with FSCS, which could take several weeks. If we are not able to get the information direct from the firm, we’ll advise on how to make a claim. Please check for updates on your advice firm’s dedicated page for specific information. You can find dedicated pages on the failed firms list or by searching on this page.

Once we have your claim, one of our team will be in touch to confirm if we need any further information from you. We will assess the suitability of the advice you received in line with the FCA’s scheme guidance.  

 

Frequently asked questions 

You don't need to use a claims management company (CMC) or a solicitor to make a claim. If you do, you may have to share any compensation you get with them. If you decide to use a CMC or a solicitor, make sure you understand the terms of your agreement with them. 

No, using a CMC or solicitor will not affect the outcome of your claim. FSCS will treat your claim in the same way as those made through CMCs and solicitors. 

If you’ve got a friend or family member that can help, you can nominate them as your personal representative. We’ll use them as your contact and ask them to send us your documents. Read more on our personal representatives' page. 

Each claim is treated on a case-by-case basis and its progress depends on various factors. If you have specific questions about your claim, please do contact us. 

In some cases, the value of your current scheme may be greater than the value that would have been held in the defined benefit scheme, particularly where the current scheme has performed well. 

Frequently asked questions about the FCA BSPS redress scheme 

The FCA’s redress scheme includes steelworkers who received advice to transfer out of the British Steel Pension Scheme between 26 May 2016 and 29 March 2018. Some exceptions do apply, and you can find full details of the FCA’s scheme at www.fca.org.uk/BSPS or call their dedicated helpline on 0800 098 4100. 

If the firm that advised you has already gone out of business, you can make a claim with FSCS at any time. If your advice firm goes out of business from 28 February 2023 when the FCA’s redress scheme begins, FSCS will consider your claim. 

If you’re unhappy with the advice you received, customers that received advice to transfer outside of the eligible dates for the redress scheme should complain to the live firm if it is still in business or make a claim to FSCS if the firm has failed. 

The scheme only covers steelworkers who have not yet had their transfer advice reviewed, either by the FCA, the Financial Ombudsman Service or FSCS. If FSCS has considered a claim from a steelworker, we will have calculated any financial losses and paid these as compensation.  

The FCA has introduced a calculator for the BSPS redress scheme. This calculator can only be used for BSPS cases as it has been built using specific data, for example the benefit structures of the old pension scheme. FSCS will use the FCA’s calculator for all BSPS claims.