Quilter earmarks £3m for British Steel redress

DB transfers

Hope William-Smith
clock • 1 min read

A total £3m has been calculated by Quilter for the remaining redress of British Steel Pension Scheme (BSPS) cases.

The wealth firm's 2022 interim results - published on 10 August - outlined its redress expectations following its acquisition of national advice company and network in 2019 after the collapse of the old BSPS. More than five years had now passed since 8,000 British Steel workers - around 18% of eligible members - transferred their benefits out of the old defined benefit (DB) scheme. The National Audit Office estimates 95% of these members had received financial advice from a Financial Conduct Authority-regulated financial advice firm, advisers within which were benefitting at the time fro...

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