Transfers From The British Steel Pension Scheme

Many British Steel workers who held their pensions within the company’s Defined Benefit scheme may have been wrongfully advised to transfer these funds elsewhere. In some cases this has resulted in significant levels of financial loss which could affect the future retirement plans of some members.

Members and workers who have suffered losses of this nature may have grounds for pursuing claims for compensation against the Financial Advisors who recommended these transfers.

The companies and individuals who gave the advice to transfer out of the British Steel Defined Benefit Pension Scheme are ordinarily regulated by the Financial Conduct Authority and must abide by strict rules and regulations. Breaches of these provisions could mean that they are held responsible financial losses that follow.

We believe Financial Advisors who recommended transfers out of the British Steel Defined Benefit Pension Scheme may have breached several important, fundamental regulatory rules prescribed by the Financial Conduct Authority with regards to the dealings they have had with customers.

If you believe that you have suffered financial loss as a result of transferring a pension from British Steel , please call us on 0208 870 7849 for free and without obligation advice.

One such company who gave advice to transfer pensions from the British Steel Defined Benefit Scheme was Active Wealth (UK). Following regulatory intervention, they had their defined benefit transfer permissions suspended and the firm subsequently went into liquidation.

Despite the fact that the business are no longer trading, it may still be possible for members who have suffered losses through dealings with Active Wealth (UK) to pursue claims to recover their losses using special industry claims procedures.

If this affects you, then please contact us for advice on how we can help you pursue a No Win, No Fee claim.

Of course, we would still be happy to assist you if your dealings were through a different Financial Advisor, so please do get in touch if you would like free and without obligation advice on your potential options.

• We have over 15 years’ specialist experience in financial services professional negligence with a team of lawyers working exclusively on these cases.
• You only normally get one shot at making a pension or investment mis-selling claim.  If it is not done properly it can be rejected.  It is important you submit the right evidence, presented in the right way and emphasising important points.  Unlike claims submitted to the Ombudsman who only uphold up to 60% of pension and investment complaints*, if we take your case on and it is within time limits, we are successful in over 95% of our cases.
• We only operate on a “no win, no fee” basis.  If you are not successful you do not pay us a penny.
• We are leaders in pension and investment negligent law and are frequently asked by newspapers, TV and radio for commentary on this area of law.  We also give lectures on our specialist work to other lawyers.
• We are pursuing several ground-breaking group claims.  One such case was Adams v Options SIPP.  Hundreds of our clients had their pensions defrauded by unregulated introducers and advisers.  These advisers had disappeared with the money and the Ombudsman had rejected many complaints because these advisers were unregulated.  We pursued claims against the self-invested personal pension (SIPP) operators for failing to make proper checks on these introducers and other regulatory breaches.  After years of fighting, including losing the first court case, we persuaded the Court of Appeal these pension operators were liable.  Thousands of pensioners have been able to recover their lost pensions as a result.