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

'Same modus operandi'

Hannah Godfrey
clock • 2 min read

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...

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

Could AI be the answer to making pensions intelligible for all?

Could AI be the answer to making pensions intelligible for all?

'Not about dumbing down'

Paul Muir
clock 16 October 2025 • 4 min read
Torsten Bell warns pensions industry to 'face up' to its problems

Torsten Bell warns pensions industry to 'face up' to its problems

Torsten Bell told delegates to ‘keep engaging’ with the pension commissioners

Holly Roach
clock 16 October 2025 • 2 min read
Ex-pensions minister Ros Altmann shares 12 potential Budget pension reforms

Ex-pensions minister Ros Altmann shares 12 potential Budget pension reforms

‘Chancellor should aim to change as little as possible in the near term’

Professional Adviser
clock 14 October 2025 • 5 min read