Highlight concerns over steel pensions

Monklands steelworkers are being urged to come forward if they have any concerns about 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, around 8000 members across the UK transferred out of the old scheme, with transfers worth about £2.8 billion in total.

However, watchdog the Financial Conduct Authority now says 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.

Given Lanarkshire’s proud history of steelmaking, concerns have been raised that many local residents could be affected.

Clare Haughey MSP, Minister for Children and Young People, has asked people to contact her if they think they have been.

In an email sent to Ms Haughey, 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.

She said: “If any Lanarkshire 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 ‘tool kit’ 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 (FSCS).”

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

To find out further details on the FSCS, visit https://www.fscs.org.uk/

Unsuitable financial advice Thousands of steelworkers could be due compensation