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Pensions Ombudsman investigates 150 British Steel transfer value complaints

The Pensions Ombudsman is investigating more than 150 complaints about transfer values related to the British Steel Pension Scheme saga.

The Ombudsman says it will soon be starting a group investigation into member complaints over early retirement factors.

An update from the Ombudsman says: “We continue to receive new complaints and a high volume of enquiries from members and their representatives. We anticipate further complaints regarding the expected BSPS transfer into PPF.”

British Steel: Could trustees have done more o help advisers?

The Ombudsman says that before it will consider any of the complaints, they must have been raised with the trustees and dealt with under the internal dispute resolution procedure.

Due to an increase in complaints to that internal process, trustees have set up an “accelerated one stage internal dispute resolution procedure” for members wanting to complain about either their transfer values or the early retirement factors applied to their pension benefits.

An update from the FCA this week also confirmed nine firms have now chosen to stop giving advice on pension transfers while conduct investigations play out.

This week, County Capital Wealth Management – which also trades as The Pension Review Service – confirmed it had voluntarily suspended its pension transfer permissions, but that it expects this to be temporary.

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