The British Steel Pension Scheme is closing and members have been asked to choose between either moving their rights into the government’s Pension Protection Fund or transferring into a new British Steel scheme. However, many members have been advised to consider a third alternative, namely requesting a valuation of their rights with a view to transferring into a personal scheme.
Addressing MPs, a spokesperson for the British Steel scheme bemoaned the fact that when searching the Register on the website of the Financial Conduct Authority to identify a suitably independent adviser “it is only when you go to certain drop down boxes that it says restricted”.
As one independent financial adviser commented in the letters column of a leading financial publication, “Restricted advice is the same as walking into a Mercedes Benz showroom and asking for advice on which car you should buy”
