Former clients of Active Wealth UK, an advice firm at the centre of the British Steel pension saga, have joined steelworkers in their legal challenge over DB transfers after they faced a comparable scenario when dealing with the firm.
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...
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