• Steelworker

British Steel mis-sold pension claims explained: Video FAQ

What you need to know about making a claim for compensation

If you are one of the 7,700 members who transferred away from the British Steel Pension Scheme (BSPS) after receiving negligent financial advice, you could be entitled to an average of £82,500 in compensation.

Time is running out to make a claim. If you transferred in 2016 or early 2017, it’s important that you check your advice and begin your claim as soon as possible.

Our series of short videos answers some of the questions you might have if you transferred your pension and are unsure whether to seek compensation.

If you would like to discuss making a claim with a member of our team, please feel free to call us on 0800 422 0221 or book a free initial consultation.

Why make a claim?

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Many steelworkers were ill informed about the risks involved in transferring out of their defined benefit British Steel pension and may assume they have nothing to gain from making a complaint.

In this video, we explain what impact poor advice may have on your future retirement and why you should consider making a claim to recover your losses, even if the value of your pension pot has increased.

How do I know if I’m entitled to compensation following my pension transfer?

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You may be unsure if you received poor advice or if you are entitled to compensation. In this video we look at whether you still have a claim if you asked your advisor to transfer your pension and how we can help if you’ve lost your paperwork.

You can also visit the Financial Conduct Authority’s (FCA)’s online defined benefit advice checker to find out if you may be entitled to compensation.

How much money could I receive?

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You may not sure be how much compensation you could be entitled to. We share the average losses incurred by BSPS members, as well as how much you could receive through various methods of raising your claim.

How much will it cost me to make a claim?

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Many steelworkers avoid making a claim because they worry that the costs will be too high. In this video, we explain how much it costs to make a claim by yourself or if you choose to instruct a solicitor.

Do I need a solicitor to make a claim?

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In this video, we explain why steelworkers may choose to use a solicitor to make a claim and how Clarke Willmott can support you.

What’s involved in the process of making a claim?

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The process of making a claim can seem complicated and deter some individuals from claiming the compensation they are entitled to. Here, we explain the process of making a claim and the timelines involved so you can be confident in your decision.

When do I need to make a claim by?

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Many steelworkers may be unaware of the time limitations that are in in place with regards to making a claim and may miss out as a result. In this video, we explain the importance of acting quickly and the limitations that may affect you.

What is the redress scheme and do I need to wait for it before I make a claim?

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The Financial Conduct Authority (FCA) is concerned that not enough steelworkers are taking action to seek compensation. The proposed redress scheme is aimed at addressing this. If passed, it will ensure affected steelworkers are contacted by the businesses responsible for their poor advice and offered compensation.

However, the redress scheme will not apply to all cases. In addition to this, the results of the scheme may be announced too late for some steelworkers, meaning that many people may miss out. In this video, we will highlight who should wait for the results of the scheme, and who should take steps to raise their own claim as soon as possible.

Contact our pension mis-selling specialists today

If you haven’t yet made a claim or complaint about your pension transfer and would like to learn more, please feel free to call us on 0800 422 0221 or email pt@clarkewillmott.com.

We offer a free initial consultation and can act on a no-win no-fee basis, so if you don’t receive compensation, you won’t have to pay us a penny.

Please be aware that you do not need legal representation to claim compensation from the Financial Ombudsman Service or to apply to the Financial Services Compensation Scheme.

Book a free consultation at a time to suit you

Your key contacts

Philippa Hann - Partner - Financial Services Litigation - Clarke Willmott Bristol

Philippa Hann email Philippa Hannemail Philippa Hann

Partner/Managing Director

Bristol, Southampton and Taunton

Philippa is a Partner in the Financial Services Litigation team specialising in investment product mis-selling claims and negligent investment advice.

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Laura Robinson

Laura Robinson (née Hazell) email Laura Robinson (née Hazell)email Laura Robinson (née Hazell)

Partner/Team Manager

Bristol

Laura is a Partner in Clarke Willmott's Bristol Financial Services Litigation team specialising in pensions and tax mitigation.

View profile for Laura Robinson (née Hazell) >
Stephen Searle photo, Partner Financial Services Litigation

Stephen Searle email Stephen Searleemail Stephen Searle

Partner/Team Leader

Bristol

Stephen Searle is a partner in Clarke Willmott solicitors' Bristol Financial Services Litigation team specialising in professional negligence disputes.

View profile for Stephen Searle >
Damian Pitts - Financial Services Litigation Solicitor - London

Damian Pitts email Damian Pittsemail Damian Pitts

Senior Associate

London

Damian is an experienced litigator in the financial services litigation team who is able to get positive results in a wide range of financial disputes on behalf of both private individuals and financial advice firms.

View profile for Damian Pitts >
Mamunul Wahid - Solicitor - Financial Services Litigation - Clarke Willmott Bristol

Mamunul Wahid email Mamunul Wahidemail Mamunul Wahid

Associate

Bristol

Mamunul is an Associate in the Financial Services Litigation Team based in Clarke Willmott's Bristol office.

View profile for Mamunul Wahid >

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