Active Wealth UK's ex-clients join steelworkers in DB transfer fight

The six former clients, one of whom had a pension pot worth more than £1m, were advised to transfer their defined benefit (DB) pensions into the same "poorly performing" fund the steelworkers' money ended up in - the Newscape Global Multi-Asset Conservative Fund, previously known as 5Alpha Conservative. They were invested in the E share class, which, according to a factsheet dated December 2017, carries ongoing charges of 2.51%. The fund also carries a 5% exit fee if investors sell out in the first five years. Clarke Willmott solicitor Philippa Hann (pictured), who is acting on behalf...