British Steel Pension Transfer Claim

British Steel Pension Transfer Claim

British Steel Workplace Salary Pension Claim

If you worked for British Steel, you earned a good salary and a reliable pension. Over the years, you contributed to a final salary pension that would support you in your retirement years. However, many retired British Steel employees have been tricked into missold salary swaps. Did this happen to you?

The Financial Conduct Authority (FCA) has raised the alarm bell about missold DB transfer products. Independent financial advisers, some of them working for the most trusted names in the country, gave negligent advice. They convinced pension holders to swap their sought-after final salary scheme to inferior private schemes, all so they could take commissions from the cash pay-outs.

Some advisers did this unwittingly – they provided poor advice because they did not understand the products. However, in many cases, independent financial advisers did this on purpose to earn commissions. They were only paid on a “contingent fee” basis, so they only earned money if they switched their pension, causing them to put their income ahead of your best interests.

Were you the victim of a missold salary swap? Find out if you are entitled to defined pension compensation – read ahead.

What is a British Steel Pension Transfer?

British Steel employees received enviable pensions. These were often final salary pensions, which keep pace with inflation. When the cost of living increases, your monthly income increases as well, and they don’t have fees or extra costs. Best of all, a final salary pension (also known as a defined benefit pension) lasts as long as you live.

As you can imagine, these pensions are extremely valuable. This high value has led greedy financial advisers to pressure pension holders into missold salary swap agreements in favor of fixed pensions. Fixed pensions are an inferior product. They include high fees, and they don’t keep up with inflation. They draw from a limited pot – when the money is gone, it’s gone. You could be left destitute in your golden years.

So, how did financial advisers benefit from missold salary swaps? When you trade in a final salary pension, you get a ‘Cash Equivalent Transfer Value’ (CETV). You use this cash payout to invest into a fixed pension you can draw from when you turn 55. Dishonest financial advisers take a significant cut off this CETV and then walk away. They don’t warn clients like you about the risks of pension transfers, and you end up paying the price.

Do you qualify for Final Salary Transfer Compensation for your British Steel Pension?

It is very rare for a final salary transfer to benefit you. A reputable financial adviser is unlikely ever to recommend this option. Thankfully, you might be entitled to make a final salary transfer claim. If successful, this final salary compensation can help you recoup some of the money you were swindled out of by your missold salary swap.

Allegiant can help reverse some of this damage and help you get the defined pension compensation you deserve.

To have your prospects assessed by our specialist team, simply fill in our online form.

  • A Trusted Name

    A Trusted Name Allegiant Finance Services Ltd is widely regarded as a pioneer in the high cost loan claims management market.

  • Friendly & Experienced Advisors

    Friendly & Experienced Advisors Contactable by email, phone, live chat or post, whichever you prefer.

  • Confidential & Discreet

    Confidential & Discreet We will only correspond with you and keep your details secure. We’ll never sell your data.

  • Proven Track Record

    Proven Track Record We've been claiming high cost loan refunds since 2013

  • Online Application

    Online Application Full online application process. Receive an automated decision on whether we can take on your claim

  • Over £50 million+ Recovered

    Over £50 million+ Recovered We are proud to have recovered £millions on behalf of our customers.

  • Progress

    Are you concerned that you are a victim of pension mis-selling?

    Roughly how much do you estimate you have lost due to poor advice?

    What type of pension are you concerned about

    SIPP Provider

    Select Your Workplace

    Tell us briefly about the circumstances you want us to investigate



    Full First Name*

    Please enter at least 2 characters.

    Last Name*

    Please enter at least 2 characters.


    Date Of Birth*

    Mobile Number

    Landline Number

    Search for an Address*

    We would like to send you information about our products and services from time to time, but will only do so with your consent. Please let us know which method(s), if any, you consent to:

    If you would like to receive information from our carefully selected partners, please let us know by which method(s)

    I understand that by clicking "Submit", my eligibility will be assessed by automated technology. I understand that I can opt out of this prior to submission by opting out within the Privacy Policy
    • You're in Control: Video, Telephone or Email Consultation
    • No Win, No Fee: Just 18% inclusive of VAT
    • Change Your Mind: Cancel for Free - 14 day Cooling Off period
    • Success Fee applies outside 14 days.
    • Dedicated, Experienced Claims Handler from start to finish.
    • Long Established Claims Management Company
    • We've Recovered Over £50 million for UK consumers.