One of the youngest British Steel victims: 24-year-old tells transfer tale

Transferred £50,000

Sophie King
clock • 8 min read

Many stories have been told about the British Steel saga, but what was it like for a 24-year-old steelworker who transferred out and, like thousands of others, did not know just how much trouble it would lead to? Here, he speaks to Professional Adviser's Sophie King to reveal all

Having come through the British Steel apprentice scheme in 2010, the youthful steelworker, who preferred not to be named, says he was like any other young person and was not hugely concerned about his pension. When he started his career, he says the British Steel pension scheme was renowned for being a good, strong scheme and, as a local boy himself, knew he would be set up when he eventually retired. Fast forward half a decade and that all changed. In March 2016, Tata Steel announced it would be examining options to restructure the business, which would include decoupling the defined be...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Crucial advice issue: Death benefits detail advisers need to know

Crucial advice issue: Death benefits detail advisers need to know

Important differences from previous regime

Andrew Tully
clock 05 April 2024 • 4 min read
British Steel a stark reminder of obligations around client files

British Steel a stark reminder of obligations around client files

Lawyer Philippa Hann reflects on her work around the pensions case

Hope Coumbe
clock 27 March 2024 • 2 min read
SSAS and the general levy: A victory for common sense

SSAS and the general levy: A victory for common sense

The value of SSASs after general levy consultation outcome

Caitlin Southall
clock 26 March 2024 • 5 min read