British Steel Mis-sold Pension Claims
When the British Steel Pension Scheme (BSPS) was set to close at the end of 2017, British steel workers had to decide which scheme their pension would be moved to.
Thousands of steel workers relied on advice that transferring into a personal pension was best for them. However, transferring your pension out of a defined benefit pension and losing the associated benefits, is seldom a good idea.
QUICK IFA/COMPANY CHECK
Click here and see if the IFA/company who gave you transfer advice is on our list. If they are contact us immediately. Don't worry if they are not, it's just a sample. Contact us and let us decide.
11+ years in financial claims
FCA authorised & regulated
£Millions claimed in compensation**
Making a claim can be daunting, but Claimline Legal can help you claim back what is rightfully yours. After all, it's your and your family's financial future.
Feel Let down? Let us take on your claim.
Claimline Legal has been in financial claims for over 11 years. We have succesfully reclaimed £Millions in compensation** for our clients. Our friendly trained Consultants will provide you with objective advice and once enagaged will handle your mis-sold SIPP pension claim from start to finish, keeping you updated all the way. Why take the risk? Let us handle your British Steel pension claim.
NO UPFRONT FEES
DIRECT AGENT ACCESS
UK BASED PROCESSING
SIMPLE CLAIMS PROCESS
CLEAR PLAIN ENGLISH
NO OVERSEAS OUTSOURCING
WERE YOU MIS-SOLD ?
Your Financial Adviser had an obligation to make sure the pension transfer was in your best interests. Did they:
ask about your income, savings, tax position and finances in general?
ask about your outgoings - mortgages, loans and if you have any dependents such as children or elderly relatives?
take into consideration your retirement plans, date or financial requirements?
take into consideration your appetite for risk, especially if your income dropped due to your investments performing poorly?
ask about your health in general?
ask the same questions about your spouse or partner? (where applicable)
explain to you the costs of the transfer and any commissions involved?
Still unsure? Listen to the free audio.
Is your pensions Adviser/Company on our list?
As the scale of pension mis-selling unfolds, more and more pension Advisers and companies are coming under the spotlight. Below is a sample list of companies that are either in default, or under some sort of investigation. This list is not exhaustive. Even if your pension Adviser is not listed here or you are unsure, please get in contact with us today. We are ready to help you right now.
1 Stop Financial Services
Accuro Finance Limited
Active Wealth UK
(trading as Pensionlite)
Alderley Asset Management
Alexandra Associates UK
Ashfield Financial Planning Limited
A W Dallas Financial Services
(trading as Portfolio Pensions Cons)
BlackStar Wealth Management
Capital Asset Management Ltd
CIB Life & Pensions
Cherish Wealth Management
Designed 4 Life
Foreman Financial Service
Fudicia Wealth Solutions
Greyfriars Asset Management
(Guardian Pension Cons)
Hyde Financial Management
IFA Home Counties
Independent Financial Matters
Intuitive Financial Associates
(trading as Total Financial)
Knight Wealth Management
Mansion Park Ltd
Newton Barr Partnership
Omega Financial Solutions
Paradigm Financial Partners
Pembrokeshire Mortgage Centre
(trading as County Financial)
Portfolio Pensions Consultancy
Premium Watch Financial
Retirement & Pension Planning Svs
RHT Financial Services
Roger Harris & Company
S&M Hughes Ltd
(trading as Crescent Financial)
Strategic Wealth UK
(trading as Gibro Wealth)
Talk Financial Solutions Limited
TFP (Life & Pensions) Ltd
The Ntrust Group Ltd
The Resort Group
West Wales Financial Services
Westbury Private Clients
Westminster Financial Planning
What types of SIPPs were mis-sold?
The best way to understand if you have been mis-sold your SIPP pension and been the victim of SIPP mis-selling is to look at the nature of the product. If it was an exotic or non-standard high-risk investment product, it may come under the mis-sold pension banner.
There has been a wide range of SIPP investments that have become prominent in recent years. Most commonly:
Car Park Schemes
Should I have transferred my British Steel pension?
Probably not, but in some cases in can be to your advantage. It's usually a balance between weighing up the pension benefits and investment risks.
FINAL SALARY - It rarely is a good idea to transfer your final salary pension. You may have lost out on practically guaranteed income in retirement, index linked performance, death benefits that may have allowed your spouse a large portion of your pension if you pass, plus there are usually no fees or charges to operate and manage your funds.
SIPP - SIPPs can be beneficial, but they come with risks. A SIPP is a type of pension that offers more control and choice of where your retirement fund can be invested. SIPPs were designed for experienced investors. However, some Financial Advisers have invested in inappropriate investment vehicles and exposed their client's funds to unjustified risks.
Mis-sold SIPP Pension Claims Explained.
Pensions can be one of the most tax-efficient forms of investing for retirement. The SIPP scheme (Self Invested Personal Pension) is a personal pension scheme approved by the UK government. SIPPs act as ‘wrappers’ and allow investors to have the freedom to use a wider range of investments and products in order to grow their pension fund.
Although the exact tax situation will depend on the investor’s personal circumstances, a SIPP can offer up to 45% tax relief on contributions and no capital gains tax or additional income tax to pay in the UK. SIPPs can offer a wide range of investments an investor can choose from and can include investments from a variety of sources, even overseas. However, just because there is choice it does not mean the investments are suitable even if there are tax advantages.
Due to the wide range of the investments allowed in a SIPP and the fact that they usually follow a recommendation from your financial adviser and not the SIPP company, your capital can end up being placed into riskier unregulated investments, such as high-risk hotels & commercial property, carbon credits, bio diesel and forestry. This can result in investors losing most of their pension fund.
The best way to find out is to contact our friendly team today. Call us now on 0800 779 7457 or complete the contact form.
British Steel Mis-sold Pension | British Steel Missold Pension | British Steel Mis sold Pension | British Steel Mis-sold Pension