British Steel pension members to receive redress but hundreds miss out on top compensation ➡️ Despite an average payout of £45,000 each, there are still around 400 people who have missed out on a large chunk of compensation
Two thousand people who worked at British Steel and who moved their pension out of its gold-plated pension scheme into unsuitable, high risk investments, may not receive full compensation even if they did receive bad advice,This is because the financial advisor they used has gone out of business, which means they will have to make a claim through the Financial Services Compensation Scheme . This caps claims to £85,000.
These pensions, which offer a guaranteed income for life, rarely make sense to transfer out of, and the advisors who said it was a good idea made large commission payments conditional on the transfers. The rules around how advisers are paid for defined benefit transfer advice have since changed. Tata Steel, the company overseeing the British Steel Pension Scheme, experienced financial difficulties in August of 2017. This led to the scheme undergoing a restructure allowing members to transfer money out.
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