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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.



Another British Steel adviser loses pension transfer permissions

An IFA firm that was critical of the media’s coverage of the British Steel pension scandal has stopped advising on pension transfers, following intervention from the regulator. The firm, County Capital Wealth Management – which also trades as The Pension Review Service – says it has voluntary suspended its pension transfer permissions, but expects this […]


DFM portfolios branded ‘closet trackers’ as adviser research slams behaviour

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Bestinvest spot the dog 07/14

Who has topped the latest Spot the Dog list?

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How the UK Saves 2018: A comprehensive analysis of the retirement landscape

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