Steelworkers have until 2022 to make a complaint or make a claim for compensation.
Ex-British Steel workers in Scunthorpe, Teeside and Middlesbrough who transferred their pensions from the BSPS are being urged to find out whether they received poor advice in relation to their transfers before it is too late.
It is estimated that around 7,700 workers were advised to transfer their final salary pensions out of the BSPS. Currently, more than half have not yet made an enquiry into whether their new pension was mis-sold to them.
“Many of the workers that have claimed did not initially believe they had received poor advice because their new pensions had gone up in value. This is despite the estimate that the average claim value is £320,000.”
The law on limitation in the UK gives you 6 years from the date of the mis-advice occurrence (or three years from the date you found out about the mis-advice) to make a complaint or make a claim, so Steelworkers have until 2022 to start the process. If they fail to do this, any future claim that they try and make for poor pension advice will be statute barred.
Whilst there is no legal requirement to seek professional representation when making a claim to the FOS or the Financial Services Compensation Scheme (FSCS), in order to make sure that you are treated fairly and receive the right amount of compensation we would always recommend seeking professional advice. Money and Me Solicitors can do this for you and pursue any claims that we feel you may have on a No Win, No Fee basis.