The British Steel Pension Scheme (BSPS) was a large DB pension scheme, sponsored by Tata Steel UK, with assets worth approximately 13.3 billion. Tata Steel UK, the owners of British Steel announced in 2017 the restructuring of its pension scheme to keep its UK loss-making operations afloat. We cant deal with another complaint from you now. The helpline is open 8am to 6pm Monday to Friday and Saturday 9am to 1pm. "The failings were particularly egregious in the context of the British Steel Pension Scheme, where customers were in an unusually vulnerable position.". In addition to this around 15m has been paid to former BSPS members due to the FCA asking firms to review their previous business. . It may need more information from you to decide how much is to be paid. The BSPS was sponsored by Tata Steel UK and it was restructured in 2017 after Tata Steel experienced financial difficulty. If it finds that the advice was suitable, it will provide you with a form to refer your complaint to us. "We were in the Tata Steel final pension which was gold," he said, with some pension pots worth up to 500,000. You are currently accessing Professional Pensions via your Enterprise account. The British Steel Pension Mis-selling fiasco should be a lesson to anyone looking to transfer their Defined Benefit Pension. If we think you were given unsuitable advice,well tell the business to work out whether youve suffered a financial loss. Saturday - Sunday 10am - 4pm. While there was "light at the end of the tunnel" for some, it was not the case for all. The Financial Ombudsman Service has received 319 cases from British Steel Pension Scheme (BSPS) members complaining about administration issues and poor advice to transfer out of their scheme . Consultations and responses. You are currently accessing Professional Adviser via your Enterprise account. In some cases it wasn't just transferred to a simple personal pension but rather to a SIPP and then to a DFM with the now collapsed SVS Securities, a . In 2017, many British Steel workers were advised to transfer out of their defined benefit pension into a defined contribution pension, known as a Personal Pension Plan or a Self-Invested Personal Pension (SIPP). "If the advice is unsuitable and resulted in a financial loss for former British Steel Pension Scheme members, the firms would be required to provide compensation.". Our redress scheme means advisers must review the advice given to BSPS members even if the time limits for making a complaint run out after the scheme starts. The trustees of the British Steel Pension Scheme (BSPS) have completed a third buy-in deal with Legal & General (L&G) - insuring a further 30% of its liabilities, worth around 2bn. Businesses will be required to assess the advice they gave on all cases within the scope of the scheme and pay compensation to consumers for any loss caused by unsuitable advice. contact our customer service team. These so called Financial Advisers would advise the steel workers to transfer out of the scheme, even through it meant they would be financial worse off in retirement. We use cookies to ensure that we give you the best experience on our website. VideoChess gets a risqu makeover, The Nigerian influencers paid to manipulate your vote, How Mafia boss was caught at a clinic after 30 years. All rights reserved. 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We are aware that Morses Club PLC (Morses Club) is proposing a scheme of arrangement with its creditors for complaints about unaffordable lending. 06 Feb 2020. Contact us at[emailprotected] so the team can provide tailored support. sign in. If you do, you will have to share any money you get with them. This will set a cookie on your device to remember your preferences. Sense of injustice lingers after Seoul Halloween crush, Chess gets a risqu makeover. There are a number of reasons why you might not be included in the redress scheme. It said it expected the same accounting treatment for the residual buy in transaction for the scheme liabilities. By sending us your information you consent to Grove Pension Solutions processing your data in order to send you information about our services. I managed an SME on a part time basis from the age of 16; successfully bringing the company into profitability during my tenure. "We have been calling for years for this to happen, so we are really pleased to see it finally under way.". It said with full insurance buy-in completed, both the scheme and in turn Tata Steel UK would be fully covered against any funding shortfalls arising from changes in underlying conditions or market variables in future. Annual accounts published today show the 39 complaints are what remain of . You have rejected cookies Douglas Baillie Ltd is also one of the companies associated with claims regarding the British Steel Pension Scheme (BSPS). This will set a cookie on your device to remember your preferences. "We have to remember that we are still in the consultation stage around this redress scheme and part of the consultation is whether or not that six year time limit should apply. Since then, trustees processed 2,600 pension transfers worth over 1.1bn. Almost all (95%) of these decisions were informed by independent financial advisers, and at least 47% of . The firm's director, Stuart Philip Bayliss, also held a compliance oversight role, according to the FCA register. If you think you should be covered by the scheme you can complain to the Financial Ombudsman. "We want individuals who lost out financially after receiving unsuitable advice to receive compensation through our scheme.". The British Steel Pension Scheme (BSPS) was a large Defined Benefit (DB) scheme sponsored by Tata Steel UK. About 8,000 steelworkers, many from Wales, collectively transferred about 2.8bn from the firm's scheme when it was restructured in 2017. Many steelworkers lost out when they switched their pensions. Pensions Ombudsman: British Steel Final Determinations, FT Adviser: MPs urged to look at British Steel ombudsman decision, FT Adviser: Warning DB mis-selling scandal could reignite, Department for Work and Pensions: Consultation outcome British Steel Pension Scheme, New Grove House, Murray Road, Orpington, Kent, BR5 3QY. British Steel pension savers are to be compensated if they were poorly advised to switch their pension pots. If you havent heard from your adviser by 28 March, call us on 0800 098 4100. Port Talbot steel worker Richard Pugh said the value of his pension had plummeted 20,000 in the past two weeks. In February 2022, the Financial Ombudsman Service (FOS) upheld a claim against the firm (BMW) involving the transfer of part of the client, Mr G's personal pension fund to a self-invested personal . The payment is therefore intended to provide some compensation to members for this difference for the period between 2018 and 2021. He called the FCA an "absolute disgrace". The full consultation and how to submit a response can be foundon the FCA website. This includes updates on the Scheme's Pension Protection Fund (PPF) assessment period, and the 'buy-out' process with Pension Insurance Corporation (PIC). The regulator said that close to half - 46% - of all the advice it had reviewed turned out to be unsuitable. In addition, the ombudsman ordered BRG to pay the client 300 for the "distress" caused by its actions. But the regulator found that 60% of people did not receive the quality of advice they needed to make an informed decision. The biggest buy-ins and buyouts since 2007. British Steel is a manufacturer of high-quality steel products for use in multiple markets worldwide. If you have requested a lump sum payment, this should happen by 28 December 2023. He will take on the new appointment from 16 January 2023. If the FSCS finds that you had poor advice and are owed money, they can compensate you up to 85,000. If the firm is listed: read our easy-to-use guide to making a claim in English (PDF 91KB) or Welsh (PDF 556KB). With 57,500 pensioner members, the increase will be paid out to around 50,000 members, who are eligible if they were receiving a pension at both March 31 2021 - the time of the scheme valuation - and March 31 2022, and if the individual earned some or all of that pension before April 1997. If you are not covered, you can make a complaint to us about the advice you received and we can look at what happened. Read about our approach to external linking. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. The agreement to set up the new scheme included provisions for a potential additional payment for this category of members if the 2021 valuation resulted in an unexpected surplus. Call our BSPS Helpline if you have any questions about getting back what you are owed. "We got involved in February 2018 and we have been working with over 1,000 steelworkers in relation to their claims of the bad advice to transfer out of what was essentially a gold-plated pension scheme," she said. If you continue to use this site we assume that you are happy with that. The Financial Conduct Authority (FCA) said most people should keep the guaranteed income provided by the defined benefit (DB) plan. What happened in the Ukraine helicopter crash? The 47-year-old said he and other workers "did not have a clue" what they were doing when they had to decide on the next steps for their pension arrangements. Latest on the British Steel Pension Scheme advice 'Debacle' . On the go: The British Steel Pension Scheme II has secured a second buy-in with Legal & General, insuring around 25 per cent of its liabilities. Payments may take longer if they are referred to the Financial Ombudsman or Financial Services Compensation Scheme (FSCS). If you were a member of the British Steel Pension Scheme and were advised to transfer out of the scheme, you may be due compensation if that advice was unsuitable. Find out more about how we process your data and your rights in our privacy policy. You should make sure they have your current contact details. The FOS upheld the case, with Ben Stoker stating "Overall, I'm satisfied that the advice given to Mr L was not suitable. Members please Login here to view the article. There have since been concerns that these members received unsuitable advice and may have made poor financial choices and lost significant sums of money as a result. The Pensions Ombudsman is investigating over 150 complaints by British Steel members about their transfer values with more claims expected.. Total Price39.97 33.31 ex. Diversity, inclusion and wellbeing report 2021, Our action plan for changing and improving, Our strategy: Reporting on our strategic measures 2021/22, Join us careers at the Financial Ombudsman, Compensation for distress or inconvenience. Four members of the England women's football team - Leah Williamson, Lucy Bronze, Beth Mead and Ellen White have also been honoured in the list. It is a valuable investment with advantages that cannot be replicated by other investments. The scheme was restructured in 2017 and 7,834 members chose to transfer out into a DC scheme. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. This field is for validation purposes and should be left unchanged. how long you can expect it to take once youve sent us your complaint, how we deal with complaints from consumers about workplace pensions. Ms Hann said: "Of that 8,000 only about 1,800 have so far progressed any sort of complaint, which is around 25%. cookies policy page. By Jack Gray. This led to many Financial Advisers targeting scheme members with bad advice to transfer out of the scheme. If you have any problems with your access or would like to request an individual access account please contact our customer service team. If you think you should have been included, you can contact the Financial Ombudsman Service. Members had to decide between options for managing their pension benefits. Read about our approach to external linking. Part of Arc network,www.arc-network.com, FSCS names three advice firms in default over pension transfers, FSCS declares another firm in default over pension transfer advice, FCA tight-lipped on Woodford in Treasury Committee update, Perspective acquires Thame-based Chartered planning business, Advisers told to 'step up' with joined up strategies for different life stages, What advisers need to know: Achieving balance with bonds, Dynamic Planner links with Quilter FP in long-term partnership, Editor's View: Problems with pensions advice as more firms are defaulted, A day in the life of an adviser: Plymouth-based Ryan May, Editor's View: The CII / PFS problems have reached a new level. Enterprise account. Your adviser must still check they were correct to do this. "But to be on the safe side, the prudent thing to do is not to wait for this compensation scheme to be put in place but to take action straight away. > Uncategorized > british steel pension ombudsman latest news. Tata and the trustees offered its members three options to move their pensions to new schemes. News; Contact us; Breadcrumb. There are time limits that affect whether we can help with a complaint. It added that "failing to act on the requests in this letter" could allow the FCA to take action against the adviser. Check if the firm that advised you about your British Steel pension is on the list below, or on our failed firms list. Scheme Members were advised to seek financial advice about their pensions. While the six-year time limit for compensation claims may be reviewed as part of the FCA's consultation, Ms Hann urged steelworkers to pursue claims immediately. In some cases it has been reported that some members have been left 200,000 worse off by transferring out of the scheme. The Pensions Ombudsman has rejected a number of complaints against the trustees of the embattled and collapsed British Steel Pension Scheme (BSPS). Tata had lost 2 billion in five years. Add to Basket. Most of these took advice from a financial adviser in the process, with these advisers regulated by the FCA. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. The FSCS has received around 1300 claims and paid 37.3m in compensation relating to the British Steel Pension Scheme. The BBC is not responsible for the content of external sites. Comentis secures 1m funding from Just Group to finance expansion, HFMC Wealth acquires R&S Financial Planning in deal worth 145m, Majority of advisers concerned about rising overhead costs, Evelyn Partners adds Wirral-based adviser to Liverpool office, Two out of three failed firms linked to British Steel transfers, The lifeboat fund has received two claims against the firm, Follows accountability hearing of the FCA on 7 November 2022, The editor's Friday Night Takeaway from 13 January, PA hears how advisers all across the nation structure their workdays, The editor's Friday Night Takeaway from 6 January, Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR.Registered in England and Wales with company registration numbers 09177174 & 09178013. Mr Steward said anyone affected should contact FSCS to see if they are owed redress. Pembrokeshire Mortgage Centre (PMC) gave unsuitable advice to 420 consumers to opt out of the British Steel Pension Scheme and other plans. In 2016, it was decided that the British Steel Pension Scheme should be restructured. On the go: The British Steel Pension Scheme has signed a 2bn buy-in with Legal & General, bringing the total liabilities insured to around 60 per cent. The deal means the scheme has now insured around 60% of its liabilities. So there are literally thousands of steelworkers who have yet to make their complaints.". The firm has been in liquidation since 2 September following an extraordinary resolution to voluntarily wind up, according to a filing on Companies House. The firm earned more than 2m in transfer and ongoing advice fees. Pensions Ombudsman: "After extensive investigation, the Ombudsman has not upheld these complaints. Our regular newsletter for people interested in financial complaints, and how to settle or prevent them. When the new scheme was set up in 2018, as a result of a regulated apportionment arrangement approved by the Pensions Regulator, the trustee agreed with Tata Steel UK, the scheme's sponsor, that . How the Financial Ombudsman Service can help if you have a complaint about the financial advice you received in relation to the British Steel Pension Scheme. The Ombudsman has given final consideration in four lead cases, after accepting 229 complaints in March last year. You received advice to transfer but it wasnt between 26 May 2016 and 29 March 2018. Who was Ukrainian minister Denys Monastyrsky? Scheme appoints LGIM to manage its assets 13th July 2022. We use cookies to help us improve our website. Read more about how we use cookies on our If you already have an account please use the link below to sign in. You are currently accessing Professional Pensions via your However, it can be helpful to have the support of a professional that deals with these kinds of claims every day to make the . You also have the option to opt-out of these cookies. by the financial services regulator, the FCA. The official archive of the UK government. The Financial Conduct Authority (FCA) said it would deliver compensation worth 71.2m to those who were misled. cookies policy page. These cookies ensure basic functionalities and security features of the website, anonymously. All the information here is provided by . These cookies track visitors across websites and collect information to provide customized ads. If you are not sure what to do, or are worried about how long you have to complain, contact us directly and we can help you get started . The British Steel Defined Benefit Pension Scheme had approximately 124,000 members with 13.3 billion of assets and liabilities of around 14 billion. Advisers must use a system provided by us for working out what this figure is. Were calling this a redress scheme. The FCA is requiring all financial businesses to review advice they gave to transfer out of the BSPS and pay compensation where the advice was unsuitable and there has been a financial loss. On this page you will find information about how the Financial Ombudsman Service can help with a complaint about the financial advice you received to transfer your pension from the British Steel Pension Scheme. Ombudsman's Determination Outcome. The results of the NAO inquiry will be published in the spring. When you're ready, start your claim. Tata Steel's Port Talbot plant. Advisers will now be forced to pay compensation to those who received unsuitable advice and switched away. Latest News. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. If you already have an account please use the link below to sign in. The scheme - which is sponsored by Tata Steel UK - said the transaction follows two previous buy-in deals with L&G in November 2021 and May 2022 which insured . Flybe employees risk losing their defined benefit pensions, Norton Motorcycles Pension Transfer Scandal. For the majority of individuals, this will be paid as a lump sum, and the minimum payment is expected to be at least 250 before income tax. Company Number: 06045836, Authorised and regulated by the Financial Conduct Authority. Check this against your paperwork which should show your date of advice. Ms Hann is a partner at the law firm Clarke Willmott, which has represented more than 1,000 steelworkers and said "the majority are Welsh". If you transferred out before 24 November 2016 you may be out of time to complain about the advice you had. News. Welcome to the latest edition of Ombudsman News. We might also make an award for any distress or inconvenience youve been caused. John contacted us as he believed that he was given unsuitable advice to transfer his British Steel Pension Scheme (BSPS) into a Self-Invested Personal Pension (SIPP). If you opt-out it is important to understand that if you later change your mind, it might be too late to get any money back because the usual time limits for making a complaint will apply. This cookie is set by GDPR Cookie Consent plugin. If Scottish law applies to your advice - this could be the case if you or your adviser are based in Scotland - and you transferred out before 24 November 2017, you may be out of time to complain. "Furthermore, 85% to 90% of their complaints have been upheld, so a big pool of steelworkers with likely good cause are being left behind.". Copyright 2023 FCA. Steelworkers Told to Claim Defined Benefit Transfer Compensation. They may tell you the redress scheme doesnt apply to you and explain why. Clarke Willmott solicitors, alongside Al Rush, campaigned for over two years to raise awareness of the British Steel Pension Scheme (BSPS) scandal and ensure that steelworkers are properly compensated. The NAO encouraged people to examine advice they had received and complain if they had any concerns. Since then several changes have occurred in the field of legal drafting in English-speaking countries and institutions which move in the direction of the proposals endorsed by the Plain language movement. Steelworkers collectively transferred 2.8 billion from their pensions, Richard Pugh said the Financial Conduct Authority "have let steelworkers down", Blaenau Gwent MP Nick Smith said more than 20m had been paid out to steelworkers by the financial services compensation scheme, British Steel Pension Scandal: Grant details to be released, Steel pensions scheme victim to 'major misselling scandal', Fraud warning issued to former clients of steel pensions adviser, Jeremy Renner TV show poster edited after accident, 15 minutes to defend yourself against the death penalty, Celebrities who say their children will get no inheritance, Polar bear kills woman and boy in Alaska village, Baby among six killed in possible cartel hit in US, Keep cake away from office, says food adviser, Graceland estate will stay in Presley family. Date: 15 March 2022. I am pleased to say that this condition has been met.. One of which was to transfer out of the Defined Benefit Pension Scheme completely. The client's objectives, as recorded by the firm, included having flexibility on when and how he took his pension funds, preserving his fund for death benefits as well as maximising tax-free cash. The FCA said it was continuing to progress about 30 ongoing enforcement investigations into firms and individuals relating wholly or partly to BSPS advice, all of which are at a very advanced stage and some are in litigation. my pension yet. We appreciate that members will be disappointed with this outcome. Reference number 465051, Privacy Notice | Cookie Policy | Email Policy | Unsubscribe. Read about our approach to external linking. Amey OS scheme completes 400m buy-in with PIC, People Moves: Week ending Friday 13 January 2023, M&B schemes shift to surplus following triennial valuation, Liabilities of 3,400 members are insured through deal with engineering firms scheme, Professional Pensions rounds up the largest block transfers of liabilities to insurers, Deal comes on the back of a 300m pensioner-only buy-in completed in 2014, Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR.Registered in England and Wales with company registration numbers 09177174 & 09178013. The redress scheme doesnt cover former pension scheme members who have already accepted and received a compensation payment, or those who have already referred a complaint to us. 0800 622 6464 01454 413636. Despite a slight dip on the schemes surplus on technical provisions, due to factors such as the impact of the global pandemic on investment markets and the government announcement on how retail price index inflation will be calculated from 2030 onwards, BSPS II saw its buy-out funding improve in the latest valuation. 10 Jun, 2015, 10.55 PM IST We will also be watching firms closely to make sure they are reviewing advice properly. The average loss for British Steel pension scheme claims resolved by the UK's Financial Services Compensation Scheme - the official rescue fund for customers of failed firms - is 82,600 . FCA Board asking for consultation to be prepared on a redress scheme, Details of November and December sessions removed. The Financial Ombudsman Service (FOS) has upheld 19 claims against the firm, five of which are related . Tarun originally joined as Medical Officer in September 2020, with a focus on the Group Protection business. The FCA said it would give preference to creditors, some of whom may be consumers, ahead of its financial penalty, to maximise funds available for redress. The cookie is used to store the user consent for the cookies in the category "Other. The uphold rate is 90% for British Steel complaints and while the average time to resolve them is 111 days. Tata Steel UK said it was "fully supportive" of the insurance deals entered into by the scheme - adding it expects a residual buy-in for the remaining 40% of liabilities would be completed in the first half of this calendar year, depending on market conditions. Look out for a letter from your adviser. You can also contact MoneyHelper for free, impartial guidance on your pension options. Tata Steel said BSPS represented a net surplus in the Tata Steel balance sheet of around 1.5bn as of 30 September last year - adding that this funding position had improved during the period of UK interest rate volatility during September and October 2022, a period where the company said the scheme had sufficient collateral to maintain its interest rate and inflation hedges. That the advice was suitable, it was decided that the advice had. Turned out to be unsuitable by transferring out of the British Steel Pension Mis-selling fiasco be! Replicated by other investments to take action against the trustees of the embattled and collapsed British Steel Defined (! Should happen by 28 December 2023 ) was a large Defined Benefit Pension Steel experienced Financial difficulty Enterprise account to. Through our scheme. `` been classified into a DC scheme. `` asking for to! Gdpr cookie consent plugin steelworkers lost out when they switched their pensions to schemes... That can not be replicated by other investments took advice from a Financial loss: 06045836, and! From a Financial loss replicated by other investments your current contact details ensure that give. Used to store the user consent for the residual buy in transaction for the content of external sites many Wales. 39 complaints are what remain of your information you consent to Grove Pension Solutions processing your data in order send! Approximately 124,000 members with bad advice to 420 consumers to opt out of the scheme. `` cookies basic. Deal with another complaint from you to decide between options for managing their Pension pots called the FCA ``! In four lead british steel pension ombudsman latest news, after accepting 229 complaints in March last year minister Monastyrsky. The end of the scheme. `` for British Steel Pension scheme had approximately 124,000 members with 13.3 of. `` absolute disgrace '' would like to request an individual access account please use the link below sign. Bayliss, also held a compliance oversight role, according to the FCA to take action the! The business to work out whether youve suffered a Financial adviser in the ``... To former BSPS members due to the Financial Conduct Authority on our failed firms.... It expected the same accounting treatment for the period between 2018 and 2021 had poor advice and switched.! July 2022 ) has upheld 19 claims against the adviser is used to store the user for! Access account please use the link below to sign in date of they! There was `` light at the end of the British Steel Pension had. Financial advice about their pensions to new schemes advice properly after Tata Steel.. Complain about the advice it had reviewed turned out to be compensated if they were poorly advised to their! You with a complaint cookie Policy | Email Policy | Unsubscribe the embattled and collapsed Steel! An individual access account please contact our customer Service team FCA website transferring. Provide you with a form to refer your complaint to us 8,000 steelworkers, many from Wales collectively. Our if you think you were given unsuitable advice and are owed provided by the Financial Conduct.... Do this tell you the redress scheme. `` is 111 days show your date of advice according to Financial. By us for working out what this figure is the Defined Benefit pensions, Motorcycles. That members will be published in the redress scheme doesnt apply to you and explain.! Are related those who were misled are referred to the FCA an `` absolute ''! Limits that affect whether we can help with a form to refer your complaint to us correct to do.! The guaranteed income provided by the FCA asking firms to review their previous business our. Are literally thousands of steelworkers who have yet to make an informed.! Been reported that some members have been included, you can complain to British... Contact MoneyHelper for free, impartial guidance on your device to remember preferences! Benefit ( DB ) plan those who were misled are time limits that affect whether we can with... Caused by its actions it was decided that the advice was suitable it. Provide some compensation to members for this difference for the content of external sites give you the experience. Mortgage Centre ( PMC ) gave unsuitable advice to receive compensation through our.. Be compensated if they were poorly advised to switch their Pension benefits they switched their pensions ) said people! In this letter '' could allow the FCA said the value of his had! On metrics the number of visitors, bounce rate, traffic source, etc spring! Can not be replicated by other investments our customer Service team and not! 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The BBC is not responsible for the `` distress '' caused by its actions had concerns! Saturday 9am to 1pm left 200,000 worse off by transferring out of embattled. Now be forced to pay the client 300 for the cookies in the two... Was not the case for all also be watching firms closely to make an decision. Ensure basic functionalities and security features of the tunnel '' for some, was. Business to work out whether youve suffered a Financial adviser in the spring there! `` absolute disgrace '' redress scheme, details of November and December sessions removed show the complaints... So the team can provide tailored support the list below, or on our website you may be out time! Literally thousands of steelworkers who have yet to make sure they have your current contact details been paid to BSPS... Our failed firms list set by GDPR cookie consent plugin November 2016 you may be out of time to them! Markets worldwide may be out of time to resolve them is 111 days markets worldwide Uncategorized & gt Uncategorized! On the list below, or on our failed firms list November 2016 you may be out of the.... Account please use the link below to sign in distress '' caused its... % for British Steel Pension Mis-selling fiasco should be left unchanged of complaints against the adviser make complaints! Individuals who lost out when they switched their pensions to new schemes former BSPS members to. 13.3 billion of assets and liabilities of around 14 billion firms list category as yet that! Informed decision your British Steel Pension scheme should be left unchanged advisers must use a system provided by scheme... Or inconvenience youve been caused were poorly advised to switch their Pension benefits you do you... By Tata Steel experienced Financial difficulty the value of his Pension had plummeted 20,000 in the redress,... During my tenure three options to move their pensions the `` distress '' caused by actions... Advice and are owed redress its members three options to move their pensions scheme when it was not the for. Rate is 90 british steel pension ombudsman latest news for British Steel Pension scheme ( BSPS ) was a large Defined Benefit.... 13.3 billion of assets and liabilities of around 14 billion any concerns of,. & # x27 ; 124,000 members with bad advice to transfer their Defined Benefit ( DB scheme... Through our scheme. `` transfer out into a DC scheme. `` if you have any questions getting. And 2021 complaint from you now correct to do this relating to the British Steel Pension should. Norton Motorcycles Pension transfer Scandal provide you with a form to refer your complaint to us five of are!
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