British Steel pension scandal
31/05/2024
The British Steel Defined Benefit (DB) pension transfer scandal has been a significant event, in the pensions industry highlighting the critical importance of obtaining proper financial advice.
Many members of the British Steel Pension Scheme were persuaded to transfer their valuable DB pensions to defined contribution schemes, often without fully understanding the consequences of their investment choice. The advice given was sometimes unsuitable, leading to financial losses and uncertainty for many individuals.
At Whitehall, we are committed to ensuring that such a situation does not happen to you.
We only accept DB pension transfers if they come with a positive recommendation from an Independent Financial Adviser (IFA) who is a Pension Transfer Specialist and holds the necessary Financial Conduct Authority (FCA) permissions. This stringent requirement helps safeguard your financial future by ensuring that any decision to transfer is made with your best interests in mind and based on sound, regulated advice.
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