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) 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 are likely to 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.
What do I do if my advice firm goes out of business from 28 February 2023 onwards?
Advice firms should have written 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.