For immediate release:

BRITISH STEEL PENSION SCHEME POTENTIAL COMPENSATION FOR LOCAL STEELWORKERS

The Financial Conduct Authority (FCA) is urging steelworkers to come forward if they have any concerns about the advice they received when transferring out of the British Steel Pension Scheme (BSPS).

BSPS members were asked to decide by December 2017 whether to move their pension to a new plan or stay in the existing fund. As a result, about 8,000 members across the UK transferred out of the old scheme, with transfers worth about £2.8bn in total.

The FCA say many people who have transferred out of the pension scheme were given unsuitable financial advice and could be entitled to compensation. In nearly half of the cases the FCA has reviewed, the advice given was unsuitable.

Clare Haughey MSP is urging residents from Rutherglen and Cambuslang who worked in Lanarkshire’s steel industry over the years to contact her if they may be affected.

In an email sent to the Rutherglen MSP, the FCA said:

“Even if a former BSPS member is currently happy with their decision to transfer out, they should still take action, otherwise they may end up with less money in retirement than they should have done.”

Ms Haughey has a template complaint letter that affected constituents may wish to use, along with guidance and other materials.

Commenting, Clare Haughey MSP said:

“Cambuslang has proud ties with the steel industry – and Clydebridge Steelworks remains in operation alongside the Dalzell plant in Motherwell.

“If any local resident was or still is a steelworker and transferred out of the old British Steel Pension Scheme, then they may be entitled to compensation, dependent on the advice that was given to them.

“You do not need to use a solicitor or claims company to do this.

“I’ve been provided with a ‘toolkit’ to help former BSPS members consider whether the advice they received to transfer out of the scheme was right for them. The booklet also contains information on how to complain or make a claim to the Financial Services Compensation Scheme.”

Further information can be provided by calling Clare Haughey MSP’s office on 0141 561 5131 or emailing clare.haughey.msp@parliament.scot.

ENDS

Notes:

Date published 27th July 2021.