This guide contains more information for former members of the British Steel Pension Scheme (BSPS) who transferred their benefits out of the scheme.
How can we help?
We know the last few years have been distressing for many members of the BSPS. So, we wanted to let members know that MoneyHelper is here to help.
We help with all pension matters covering workplace, personal and stakeholder schemes and the State Pension. We answer general questions, help with specific queries and offer guidance for people with complaints about their private pension scheme.
Got a pensions question? Use our webchat
If you need more information, you can use our webchat or call us on 0800 011 3797. One of our pension specialists will be happy to answer your questions. Our help is always free.
Open Mondays, Wednesdays and Fridays, 8.45am to 6:20pm, and Tuesdays and Thursdays, 9am to 6.20pm. Closed on public holidays.
Making a complaint about the financial advice you received on transferring your pension
The financial regulator, the Financial Conduct Authority (FCA), found that many people who transferred out of the BSPS since 2017 received unsuitable financial advice. If you’ve received unsuitable advice to transfer, you might be entitled to compensation.
If you’re not happy with any aspect of the financial advice you received about transferring, you can make a formal complaint.
Check if the advice was right for you
It’s worth considering whether your advice was suitable or not based on your needs.
Use the advice checker to understand whether the advice you received was right for you on the FCA website
How to complain
If you believe you received unsuitable advice, the first step is to complain to the firm that gave you the advice.
A regulated financial firm must respond to your complaint in writing within eight weeks, telling you whether the complaint has been successful or why they need more time to look into it. At this point if you’re unhappy with the response, or you haven’t received one, you can refer your complaint to the Financial Ombudsman Service (FOS).
Using a regulated financial adviser gives you access to the FOS. This service is independent and free to use. It can give compensation where something has gone wrong. They have a dedicated team who are considering complaints involving the transfers out of BSPS.
How to complain to the Financial Ombudsman Service
Did you know?
You do not need to use a claims management company (CMC) or a solicitor to make a complaint. If you do, you will have to share any compensation you get with them.
If you need help, you can also contact us on 0800 015 4402
Please direct any complaints to bspsqueries@financial-ombudsman.org.uk so the team can give you tailored support.
The FOS has set up a BSPS-specific page which outlines a lot of the details surrounding the advice given about the scheme.
It's easy to make a complaint but if you need help, you can call FOS on 0800 023 4567 to talk you through it.
If your financial adviser is no longer in business, you can make a claim to the Financial Services Compensation Scheme which is also free to use.
Making decisions on the money in your new pension arrangement
If you transferred out of the BSPS you might now have a pot of money in another pension that you’re responsible for managing. It might be difficult for you to decide what to do with the money if you don’t understand how your new pension works, has layers of charges or has many of investment options or even unsuitable ones.
If you’re unhappy with an aspect of your new pension, you can:
- check all charges that you’re paying and the cost of leaving the scheme;
- look at your options for transferring — for example, to a workplace scheme (Tata Steel or current employer) or another personal pension.
If you decide to stay in your new pension, you can look at the investment options and consider if the investments you’re in are right for you or if you can switch to others.
