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British Steel Pension Transfer Claims

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If you’re one of the 7000 members of the British Steel Pension Scheme that requested pension transfer values since April 2018 in order to transfer away from the BSPS, you may want to check the advice you received hasn’t left you in a worse position.

Reports show that pension transfer valuations exceeding a total of £200m were requested on behalf of British Steel Pension members leading up to September 2018 –  a huge amount!

But what may be more concerning is that related reports say that around 4,300 of these transfer requests contain a worrying lack of data, including missing employment start dates, incorrect estimates and little to no information on the individuals themselves… all adding up to a stack of what appear to be mis-sold pensions.

As many as 1 in 3 may have received the wrong advice to transfer away, and may be able to make a claim for a mis-sold pension transfer.

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We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.


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


We are committed to transparency and fairness in the way we conduct with clients, including how we charge for our claims services.

Speak With A Specialist Claims Handler Today

If you transferred your British Steel pension, you may be able to claim. Speak with a specialist for free to discuss your options.

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Have British Steel Workers Been Scammed?

In order to transfer from a Defined Benefit Pension Scheme (such as the BSPS), a regulated financial adviser is required to provide advice to the individual if he value is over £30k. But if those advisers aren’t doing their job properly, or working off minimal information, how can they possibly give advice that is in the individuals best interest?

Did you know that financial advisers can charge huge fees for transferring British Steel pensions? Did you know they can earn huge commissions from the receiving pension schemes and investment companies?

What if your pension transfer wasn’t in your best interests, it was in your advisers?

What if you’ve left the pan, and now you’re in the fire?

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Did You Transfer Your British Steel Pension?

If you transferred then you may have been mis-sold by many others.

The British Steel pension scandal was pretty big news, getting mentioned in parliament and with many advisers being held to account for poor advice, high-pressure sales tactics and exploiting the situation with BSPS1.

If you haven’t already checked to see if you can make a claim, book a FREE initial assessment with a Spencer Churchill Claims Advice specialist case assessor – you may be able to make a claim with no upfront costs!

Please note: No Win – No Fee*: Successful claims made through Spencer Churchill Claims Advice are subject to the Success Fee, charged as per your terms of business and engagement letter of any monies awarded to the claim. Clients have a 14 day “Cooling-Off” period during which time they may cancel at any time without charge. After this time, cancellation will result in the application of the Cancellation Fee. 

*Figures calculated before deduction of Success Fee and taxes 


Can You Claim For A Mis-Sold Final Salary Pension Transfer?

If you’ve transferred an British Steel Final Salary pension, then you may have lost money in the long run, may have been mis-sold, and may be able to make a claim.

Spencer Churchill Claims Advice offer a FREE initial assessment to test your case for signs of pension mis-selling, to see if you can make a claim.

British Steel Pension Scandal

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  • Seminars

    Nov 2017

    The FCA, aware that advisers are circling BSPS members like sharks, holds seminars around British Steel sites, and urges good advisers to blow the whistle on bad transfer advice.

  • Active Wealth (UK)

    Nov 2017

    Another big development in November was the Active Wealth (UK) Ltd being asked by the FCA to stop DB pension advice, over apparent concerns about how the firm gave British Steel pension members advice.

  • MPs Quiz Advisers


    By the end of November, the FCA was fully mobilised, and MPs from the Work and Pensions Select Committee asked advisers who had dealings during the developing crisis to submit evidence.

  • PPF Warnings

    Dec 2017

    The Pension Protection Fund – the ‘lifeboat’ fund for pension schemes like BSPS warned financial advisers not to use “fear tactics” to persuade people to transfer when it wasn’t suitable for them.

  • 2 More Firms Restricted


    Two more financial advisers agreed to stop giving advice to Defined Benefit pension holders in the wake of the growing scandal: Mansion Park and Pembrokeshire Mortgage Centre (although the latter firm seems to have regained it’s permissions according to the FCA register).

  • 1in3 May Have Been Mis-Sold

    Jan 2018

    The city watchdog – the FCA – releases data that indicates that as many as 1 in 3 transfers away from the British Steel Pension Scheme may have been negligent. 33% were declared unsuitable, with a further 16% unclear.

What Makes A Pension Transfer Mis-Sold?

Moving a final salary or other defined benefit pension is rarely advisable, except in certain situations. While moving your pension may earn your adviser big fees and commissions, you may lose more than you hoped:

Do you know how people complained about mis-sold investments and pensions in the last year?

A lot. Over twenty thousand complaints were made about mis-sold pensions and investments in 2020/21, a figure which had doubled since the year before.. It’s no secret how serious this problem is, and it just seems to keep getting worse.

People receive poor financial advice every day. Sometimes they don’t even realise that they’re owed whopping amounts of compensation.
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Have You Been A Victim Of Financial Mis-Selling?

Answer a few questions and find out if you have good grounds to make a financial compensation claim:

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Were you told to invest all, or most, of your savings into a single product?

Reaching out for help is never easy,
especially if you’ve been misled in the past.

But getting in touch with us won’t commit you to anything. We want to toss you a lifeboat and guide you through the choppy waters of the financial ocean, not leave you struggling to stay afloat. Our experts are here to offer advice and support on financial claims. We know what we’re doing and you can trust that if you’ve got questions, we’ve got answers.

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Spencer Churchill Claims Advice Will:

  • Speak to you in plain English
  • Provide you with a dedicated claims specialist
  • Pay attention to the small details of your case
  • Keep you up to date with the status of your claim
  • Make sure you understand our charges
  • Do absolutely everything we can to win your claim

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. 

Call: 01204929929

Office Hours:

Monday: 8:00am–6:00pm
Tuesday: 8:00am–6.00pm
Wednesday: 8:00am–6:00pm
Thursday: 8.00am–6.00pm
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