Last chance saloon for steelworkers to claim compensation

Scunthorpe, Middlesbrough and Teeside steelworkers affected by the British Steel Pension Scheme (BSPS) scandal are being encouraged to come forward and claim compensation before time runs out.

The period during which steelworkers can claim compensation for bad advice to transfer out of their generous pension schemes is coming to an end next year.

Around 7,700 steelworkers were advised to walk away from their final salary pension schemes and transfer into riskier private arrangements, with most of them being misadvised and therefore eligible for compensation. Many may not realise that they should not have been advised to transfer their pensions.

We have set up a taskforce to deal with the claims and lawyers say that on average their clients have lost £320,000 from their pensions if they transferred out before April 2017.

Laura Robinson, a partner and financial services specialist with the team who represents over 700 steelworkers, said: “There are six years within which to claim or complain and we know that a lot of people at the Northern steelworks transferred out in 2016. This means that time is fast running out for any claim for compensation to be made.

We’re working hard to raise awareness and encourage anyone who transferred in 2016 to come forward because time will run out to claim their losses next year.

We are hearing that some people don’t think they’ve incurred a loss because the value of their pension has gone up in the last few years since they transferred, but that doesn’t mean that they haven’t incurred a loss – the losses are calculated to retirement age, not present age. The average loss we have seen for people who transferred before April 2017 is over £320,000.”

Our dedicated team has, to date, recovered £4.4 million in compensation for steelworkers affected in Teeside, Scunthorpe, Middlesbrough and South Wales. The team is happy to offer free initial consultations to discuss transfers, with no obligation.

Laura continued: “We understand that some people are reluctant to complain because they’re not sure why they were mis-sold, or why they’ve incurred a loss. We really want people to get in touch so that we can explain.

Whilst there is no requirement to have legal representation when dealing with the Financial Ombudsman Service or FSCS, we’re often told by our clients that they want a professional to take care of it and to make sure they’re compensated properly. We do that for our clients on a no win, no fee basis.

The team and I have become really passionate about putting right some of the injustices that went on here. It’s crunch time now and we want to make sure, as far as we can, that no one misses out.”

To find out more about whether Clarke Willmott can help you, please call the hotline number 0800 422 0221 or email PT@clarkewillmott.com.