What’s been happening in November 2022?

In 2017, many workers were advised to swap their secure “final salary” British Steel pensions into SIPPS, QROPS, and other types of personal pensions. But while the British Steel Pension Scheme (BSPS) provided a generous pay-out on retirement and kept pace with inflation, the new pensions often did not deliver comparable remunerations. This left many steelworkers significantly worse off on retirement.  

In most cases, the affected steelworkers suffered losses of around £82,000, but for some workers, this rose to £489,000. Almost 8,000 people could be affected by this scandal, with around £2.8 billion transferred from British Steel’s pension scheme.   

The financial advisors caught-up in this scandal often received commission or other fees for facilitating the pension transfers. Around 50% of the advice given to BSPS members was unsuitable. Better Retirement Group (BRG) is one of the companies found guilty of British Steel pension mis-selling.   

We are currently looking into a group action case against Better Retirement Group and in November 2022 we launched a campaign to raise awareness of BSPS mis-selling. 

If you were persuaded to transfer your British Steel pension to a private scheme – either by BRG or another advisor – you might have been mis-sold and we can help you to make a claim.