British Steel Final Salary Pension

Did you move your British Steel Pension?

Most British Steel Pensions are Final Salary pensions with significant benefits attached to them, however, Financial Advisors and unregulated introducers have been earning huge commissions through transferring these pensions.

Between March 2017 and March 2018, the British Steel Pension Scheme processed 2,600 pension transfers out equating to a total value of £1.1 Billion. The Financial Conduct Authority has revealed that 33% of the transfers reviewed were deemed unsuitable.

If your pension value was over £30,000 then a regulated Financial Advisor would have been needed to authorise the transfer. Unfortunately, advisors were often tempted by the huge commissions they would earn from moving these valuable pensions, so it was not always in the client’s best interest to move the pension.

If you moved your British Steel pension, we would recommend that you speak to one of our claim specialists for a free no obligation assessment on 0800 061 4585

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