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FCA, TPR and MoneyHelper joint statement on Old British Steel Pension Scheme

Issued: Monday 6 December 2021

We are aware the Old BSPS scheme has exited the Pension Protection Fund (PPF) assessment period. Today, the trustees of the Old BSPS scheme have published the letter they are sending to scheme members. The FCA are working with the trustees of the scheme to monitor requests to transfer out and the firms who are advising members on their options.

All advisers should be clear on the FCA’s expectations when offering advice to members of the scheme. Where the FCA sees unsuitable advice, or bad practice, it will take action.

The FCA, TPR and MoneyHelper believe transferring out of a DB pension scheme is unlikely to be in the best interests of most consumers. Any scheme members looking for impartial guidance, or thinking of transferring out, should contact MoneyHelper on 0800 011 3797 before taking any further action.

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