British Steel Pension Scheme transfer
Was your pension in the old British Steel Pension Scheme?
You might be owed money if you transferred out.
You could be one of the many people due compensation after receiving unsuitable advice to transfer out of the British Steel Pension Scheme (BSPS). Hundreds of steelworkers have already complained about the advice they received.
Even if you're happy with your decision to transfer, you should consider making a claim. If you don’t, you may end up with less money in retirement than you should have done. FSCS may be able to compensate you up to £85,000.
What do I need to do?
- Check if the firm that advised you about your British Steel pension is on the list below.
- If the firm is on this list: 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 on this list: either contact us to ask or contact the Financial Ombudsman Service, which has a dedicated team, webpage and email address for 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.
The Financial Conduct Authority is proposing a separate redress scheme for people who received unsuitable advice to transfer out of the British Steel Pension Scheme. Visit its webpage to find out more about the FCA’s plans for how the scheme would work, the likely timings and who would be covered by the scheme.
Check if your British Steel pension advice came from one of the firms below
|Acklam Financial Ltd FRN 223707|
|Active Wealth (UK) Ltd FRN 631415|
|Argent Wealth Ltd, trading as Orchard Financial Planners, Morely James Asset Management FRN 515379|
|A. W. Dallas Financial Services Ltd, trading as Portfolio Pension Consultancy FRN 481208|
|Bartholomew Hawkins Ltd, trading as Turris Port Wealth Management Ltd FRN 489590|
|Briggs Murray Financial Planning & Wealth Management Ltd, trading as Briggs Murray Wealth FRN 773229|
|Capital and Income Solutions Ltd FRN 462885|
|Channel One Financial Planning LLP, trading as Channel One Financial Services FRN 542078|
|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|
|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|
|Network Direct Ltd FRN 501761|
|Omega Financial Solutions FRN 624826|
|Pembrokeshire Mortgage Centre Ltd, trading as County Financial Consultants FRN 479220|
|PWH Financial Planning Ltd, trading as WGN Wealth Management FRN 506351|
|Retirement and Planning Services Ltd FRN 542640|
|S & M Hughes Ltd, trading as Crescent Financial FRN 566837|
|The Ntrust Group Ltd FRN 232159|
|Tramway Financial Management Ltd FRN 752006|
|West Wales Financial Services Ltd, trading as IWA Financial Solutions, and Mike Powell Mortgages FRN 756482|
|Whitebridge Financial Planning Ltd, FRN 773229|
Find out more about defined benefit pension transfer advice more generally.
Frequently asked questions
Should I use a claims management company (CMC) or a solicitor?
You don't need to use a claims management company (CMC) or a solicitor to make a claim. If you do, you will 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.
Is my complaint more likely to be successful if I use a claims management company (CMC) or solicitor?
No, using a CMC or solicitor will not affect the outcome of your claim. FSCS will treat your claim in exactly the same way as those made through CMCs and solicitors.
I'm not good with forms - what should I do?
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.