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British Steel Pension Claims

Were you advised to move to a personal pension following the closure of the British Steel Pension Scheme (BSPS) at the end of 2017?

When the BSPS closed, financial advisors convinced thousands of steelworkers to switch from their previous pension scheme to a personal pension, despite the loss of many benefits.

If this applies to you, we can help make a claim on your behalf that could be worth up to £85,000 in compensation.

Check your claim eligibility today

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Our 3 Step Process

Step 1

Find Out If You Can Claim

Get in touch using our simple online form and one of our claims specialists will be in touch for a FREE full no-obligation review of your case to see if you have a genuine claim.

Step 2

Leave us to it

Once you’ve provided us with any relevant info you have, your claims expert will work on your behalf (we’ll even chase up your paperwork with the company if you can’t find it) so you won’t have to lift a finger.

Step 3

Claims success

While not all claims are guaranteed to win, at the conclusion of a successful claim, we will aim to get you the maximum compensation possible. As a No-win, No-fee claim, you only have to pay us fees in the event of claim success.

Our Successful Claims

Mr. M received bad advice to transfer his British Steel Pension.

He was awarded £48,773 compensation.

Mr. G received bad advice to transfer his British Steel Pension.

He was awarded £40,143 compensation.

Mr. D received bad advice to transfer his British Steel Pension.

He was awarded £85,000 compensation.

*Disclaimer: the claim amounts above are genuine, though the images used are not the actual claimants, in order to protect their identity.

Start Your Mis-Sold Pension Claim Today

Get up to £375,000 Compensation for your Mis-Sold Pension

Office hours: 9-5 Monday to Friday

What Are British Steel Pension Claims?

Many people are receiving British Steel pension compensation, but why? Well, that’s simple enough. At the close of the BSPS in 2017, steel workers were presented with three choices for their British Steel pension transfer:


  1. The Pension Protection Fund (PPF) – a government-operated lifeboat scheme protecting defined benefit pensions, like BSPS, for workers when the original pension scheme closes
  2. BSPS 2 – a new version of the British Steel Pension Scheme
  3. A personal pension


If your financial advisor recommended transferring your pension to the top 2 choices, then any British Steel pension compensation you seek won’t be upheld. But if they advised you to move to a personal pension, then you’ll likely be eligible for compensation.

Why Was A Personal Pension Transfer So Bad?

Thousands of steelworkers were given poor advice from financial advisors and relied on this advice when deciding where to transfer their pension when BSPS closed. If your financial advisor recommended transferring your pension to a personal pension, they actually may have left you in a worse position financially. 


Given that it’s a financial advisor’s job to provide sound financial advice, they failed you if they did not explain that moving to a personal pension was potentially a bad idea. But why was it so bad?


  • You lost many benefits when you transferred that could not be replaced with a personal pension
  • You may have incurred a financial loss due to your new personal pension performing poorly


Essentially, a personal pension transfer from BSPS could mean you have less money in retirement than you should. That’s why checking if you have a claim with us today just makes sense. 

Start Your Mis-Sold Pension Claim Today

Get up to £375,000 Compensation for your Mis-Sold Pension

Office hours: 9-5 Monday to Friday

Why Trust Claims Depot To Handle Your British Steel Pension Claims?

At Claims Depot we have years of experience handling mis-sold pension claims and dealing with pension scandals to ensure you get the compensation you’re entitled to – and handling British Steel pension claims is one of our specialist areas. 

We can handle your claim from start to finish, and you’ll benefit from a team of dedicated claims specialists who have only one thing on their mind: Getting you the compensation you deserve. And there are other benefits to working with us, too:

  • No-win, No-fee 
  • Free to check if you have a claim
  • Unrivalled industry knowledge and experience
  • Receive compensation for the poor financial advice you received
Pensioner in green jumper

How Do Claims Depot Get Compensation On Your Behalf?

Claims Depot has a dedicated team of claim handlers waiting for your call. But how exactly do they go about getting you British Steel pension compensation?


As soon as you’ve contacted us and we’ve established that you may well have a claim, we set to work collecting evidence to support that. Then, when we’re ready to make your case, we’ll present it to the financial advice firm that gave you the bad advice to begin with. If the firm doesn’t give a satisfactory response, then the case is usually referred to the Financial Ombudsman Service for a decision to be made. 


Our service is no-win, no fee, meaning you’ll only owe us a fee if your claim is successful. If it’s not, you don’t owe us anything.

Start Your Mis-Sold Pension Claim Today

Get up to £375,000 Compensation for your Mis-Sold Pension

Office hours: 9-5 Monday to Friday

Will British Steel Pension Claims Still Be Considered Where An Advice Firm Is Out Of Business?

Many financial advice firms will have gone out of business between the date they gave you advice to switch to a personal pension and today. But don’t worry, you’re still entitled to make a claim. 


Rather than seeking compensation from the financial advice firm directly (as would usually be the case), we will seek compensation through the Financial Services Compensation Scheme (FSCS) on your behalf instead. The FSCS may be able to provide compensation of up to £85,000 even if your financial advice firm has gone out of business, is in liquidation, or has entered administration. 

British Steel Pension Claims FAQs:

Below are some of our most commonly asked questions about British Steel pension claims:

It’s estimated that around 8,000 steel workers were given poor advice to switch to a personal pension when the BSPS closed in 2017. Although a number of claims have already been made successfully, there are still 1000s of claims that have yet to be made. 


If you think you could be one of those affected, check if you’re eligible for compensation for free with Claims Depot today. 

It has been agreed that compensation for British steelworkers will be paid in a lump sum, rather than in instalments. 

Although you could win compensation of up to £85,000, on average you can expect around 12% of the pension transfer value in compensation. 


That means for most people you’ll receive a compensation amount of around £45,000 on average.

To help make things clearer, the Financial Ombudsman Service has released guidance that highlights a time period where bad financial advice was commonly given to British steelworkers about their pension transfer:


  • Between 26 May 2016 and 29 March 2018


If you transferred to a personal pension based on advice given during this time then you will likely qualify for compensation.


It’s important to note, though, that if you were advised against transferring to a personal pension but did it anyway, you will have been recorded as an ‘insistent client’ in the records. You will be unable to claim compensation in this case, because you were advised against it by the financial advice firm that handled your transfer, but did it anyway. 


You only received bad advice if you were encouraged to transfer to a personal pension or your advisor failed to mention the risks involved and the benefits you would lose by doing so.