Work Pension Claim win for former steel worker

Work Pension Claim win for former steel worker

Corries Solicitors have won a Work Pension Claim and compensation for a retired steelworker persuaded to leave the British Steel pension scheme.

The Case

Our client, Mr R, worked for British Steel at Corby. He was made redundant from 1992. He was a member of the British Steel pension scheme.  An Independent Financial Advisor (IFA) persuaded him to transfer his pension to Norwich Union, now Aviva.

Our Client realised he had been mis-sold this pension when he saw our advert. His IFA was no longer trading and could not be found.

Claims handler Dave Lamb thought that the case might have reached a dead end. He spent time making comprehensive searches. He found that the IFA was  registered with the financial authorities at the time of giving the advice. This meant that the Financial Services Compensation scheme (FSCS) could be approached to meet this case.

In due course the FSCS agreed that the IFA was “in default” and paid out £48,000 which is their maximum capped payment for pension loss.

work pension claim

Many steel workers may have lost out on work pensions


Dave added;

” Even if the IFA who has sold the pension has gone bust there may still be recourse to be had. it was only because we have developed ways of finding out about IFA’s and their accreditation that we were able to persuade the FSCS to take the case on.

The FSCS do take their time to deal with these cases. They need to be absolutely satisfied that the IFA was regulated before they will deal with a claim. This takes some patience and determination.

It is important to know the difference between an IFA and a tied agent. This can affect if an insurance company will meet the claim or if it falls to the FSCS.”

Corries specialist Work Pensions claim team are ready for your call. Contact them on Freephone 0800 988 7997.