We are representing a number of steelworkers who have been persuaded by financial or professional advisers to transfer out of their British Steel pension scheme into a self-invested pension plan.
By transferring out, individuals may lose benefits and will be responsible for bearing any associated risks – issues which may not have been highlighted by their financial advisers. Ultimately they may also recoup less pension income than through the British Steel scheme.
The Pensions Ombudsman has received over 100 complaints from current and former steelworkers in connection with the pensions misselling. Following an intervention by the Financial Conduct Authority, three firms of financial advisers which are suspected to have adopted unscrupulous practices, have now been stopped from offering advice.
Partner David Niven is leading the Penningtons Manches team acting for steelworkers on this group action.