British Steel advice compensation could cost industry £45m

Only Welsh steelworkers considered

Hannah Godfrey
clock • 2 min read

A "conservative" estimate of the value of the compensation that could be awarded to British Steel workers based in West Wales alone has been given as £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...

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 Your profession

Advisers missing a 'share of wallet' trick

Advisers missing a 'share of wallet' trick

Aegon and NextWealth research suggests just a quarter track this

Jen Frost
clock 27 August 2025 • 2 min read
What's stopping the advice profession from attracting more young blood?

What's stopping the advice profession from attracting more young blood?

Chief reporter’s view: Calling my fellow Gen Z’s!

Isabel Baxter
clock 27 August 2025 • 4 min read
Why the Great Wealth Transfer could be modest in practice

Why the Great Wealth Transfer could be modest in practice

'The need for a robust advice strategy remains'

Roger Brosch
clock 27 August 2025 • 4 min read