British Steel advice compensation could cost industry £45m

Echelon Wealthcare managing director Alastair Rush, who has been heavily involved in helping the steelworkers claim compensation after they were advised to transfer away from their defined benefit scheme, has offered a "conservative" estimate that compensation awarded to steelworkers in west Wales alone will run into the tens of millions.   Rush reasoned that in south west Wales, where the largest British Steel plants are located, some 2,500 current employees transferred out of the British Steel Pension Scheme (BSPS). Using the Financial Conduct Authority's (FCA) estimate that more th...