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

My Care Hub expands to public following strong adviser support

My Care Hub expands to public following strong adviser support

Advice sector has played ‘pivotal role’ in successful rollout of care guidance platform

Jenna Brown
clock 10 September 2025 • 4 min read
CBI CEO urges Rachel Reeves to take back manifesto promise not to raise tax – report

CBI CEO urges Rachel Reeves to take back manifesto promise not to raise tax – report

Rain Newton-Smith claims ‘the time for tinkering is over’

Isabel Baxter
clock 10 September 2025 • 2 min read
'Fundamentally' different advice profession risks reputational damage from football scandal

'Fundamentally' different advice profession risks reputational damage from football scandal

High profile advice incidents like V11 ‘damaging’

Isabel Baxter
clock 09 September 2025 • 3 min read