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Final Salary or Defined Benefit Pension Transfer Claims

British Steel Pension Transfer Claims

Quick Guide

  • It is usually a bad idea to transfer out of a secure final salary or defined benefit pension.
  • Many steel workers have lost thousands after being encouraged by financial advisers to transfer out of their British Steel Pension Scheme.
  • TLW Solicitors can claim any compensation owed for negligent advice on a no win no fee basis.

Have you transferred your British Steel final salary pension?

Were you advised to move your pension into a private scheme?

If you or a loved one have transferred out of the British Steel Pension Scheme, then you may be entitled to compensation.

Moving from a final salary, also known as a defined benefit, scheme is rarely a good idea as it usually means moving to a scheme that is not as beneficial for you. Many steel workers were encouraged by financial advisers to transfer their pension to a private scheme and may have lost out.

In deciding to move their pensions, often to Self-Invested Personal Pensions (SIPPs), many steel workers were advised by Active Wealth who entered liquidation in February 2019 after the firm was told to cease any pension transfer activity by the Financial Conduct Authority (FCA) months earlier.

As final salary pensions are a very solid and dependable source of retirement income, there must be a strong reason to transfer this into some other private pension scheme.

TLW Solicitors help clients who have been given negligent final salary pension advice.

Whilst some of these transfers were made many years ago, you may still be able to claim compensation if you are a steel worker’s widow or if the Independent Financial Adviser has gone out of business, has been taken over or changed its name.

The value of these claims can be significant, with many clients not appreciating how much they have lost until we obtain a current valuation from their previous pension provider. This valuation gives an indication of what the pension would have been worth had it not been transferred.

If you feel that you or a loved one weren’t given the right pension advice, please call us on 0800 169 5925, email or use our online form and our team will contact you for an initial, no obligation consultation, we can then let you know if we can help.

Time limits apply, so it is important to get advice as soon as you can.

Meet Our team

Meet Sarah, who heads up our experienced Pension Claims team.

Sarah and her colleagues are on hand to help with your claim.

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