Quilter doubles redress provision for British Steel pension transfers

Covers all BSPS Lighthouse transfer advice

Hannah Godfrey
clock • 2 min read

Advice giant Quilter has set aside £24m to compensate British Steel workers advised to transfer out of their defined benefit (DB) pensions by Lighthouse, doubling its previous redress provisions.

In its half year results released on Tuesday morning (11 August), Quilter revealed it had increased the provision set aside for potential claims against Lighthouse, up from £12m it previously set aside. Quilter's previous £12m provision was related to approximately 30 British Steel complaints received in the first quarter of 2020. Today's results revealed the advice giant has received around 30 additional complaints, bringing the total number of complaints against Lighthouse to around 60. The new larger redress provision has been extended to include all 266 British Steel transfers mad...

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