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When will British steelworkers get their mis-sold pension compensation?


The British Steel Pension Scheme (BSPS) mis-selling scandal has left many former steelworkers in financial uncertainty in recent years. If you’ve been affected by the scandal and are wondering when you will receive compensation, keep reading. This blog post will guide you through everything you need to know and show you how to receive the compensation you deserve.

Let’s see how these protections work so your journey to retirement is a bit smoother.

This guide covers:

What is the British Steel Pension Scandal?

As the BSPS was winding down at the end of 2017, steelworkers faced a critical decision regarding their pension futures. Their choices involved either transferring to the Pension Protection Fund (PPF) with the new but less beneficial BSPS2 scheme or moving their pension to a personal pension scheme.

Many people, following negligent advice from financial advisers, chose the second option. This choice turned out to be wrong for most because they lost the guaranteed benefits that are common in defined benefit plans.

For more information, read our in depth guide covering the British Steel Pension Scandal.

When will I get compensation for my mis-sold pension with British Steel?

For lots of British Steel workers, this is an urgent question. The Financial Conduct Authority (FCA) is in charge of the process, which includes looking at claims and possibly starting a compensation plan to make it easier for those affected to get compensated.

  • The timeline for compensation is influenced by factors such as:
  • The complexity of individual claims
  • The overall number of claim

Efforts to speed up this process are ongoing, with the FCA actively working to ensure those impacted by mis-sold pensions are fairly compensated.

How do I claim my mis-sold British Steel Pension?

The claims process can seem overwhelming, especially for those already facing the stress of pension mis-selling. Those advised by firms no longer in operation might turn to the Financial Services Compensation Scheme (FSCS), while others may claim directly from their financial advisers.

Speaking with a claims management company or specialist solicitors can provide vital support and guidance. These experts are well-versed in the mis-sold pension claims and can offer the expertise needed to navigate the claims process effectively.

Speak to the Experts at Spencer Churchill Claims Advice

Are you concerned about the advice you received on your pension transfer? It’s time to secure your financial future with Spencer Churchill Claims Advice. We know how much pension mis-selling can affect your life savings and how you feel about your financial security when you retire.

Our team of specialist financial claims solicitors is dedicated to offering legal advice and support tailored to your circumstances so you can receive the retirement income you rightfully deserve.

You could receive thousands of pounds in redress payments and enjoy a smooth, guided journey towards a successful claim. We’re here to support you at every step, ensuring your experience is straightforward and rewarding.

Our team of legal experts specialises in helping with mis-sold pensions. Don’t let uncertainty about past decisions affect your peace of mind.

Contact us now for an in-depth review of your case.

Ashley Chaplin
21 May 2024
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When you get let down by someone you thought you could trust, it can leave its mark on you, emotionally and physically.


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Speak to an expert today

We have decades of experience in helping people claim back money that is rightfully theirs. Whether you want to make a mis-sold pension claim, have questions about a mis-sold investment, or you’re just looking for some advice you can trust – we’ve got you covered. Reach out to our team today for a no-obligation, completely free chat. 

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