fbpx
Oakwood Solicitors
  • « Back
  • « Back
  • « Back

News

British Steel Pension Scandal – S&M Hughes Limited Enters Liquidation

12:06, 4/11/2019

Home » News & Knowledge » British Steel Pension Scandal – S&M Hughes Limited Enters Liquidation

S&M Hughes Limited has started liquidation proceedings. The firm was ordered to immediately cease all regulated activities by the Financial Conduct Authority in May 2019.

Several steelworkers had enlisted the help of S&M Hughes Limited to transfer out of the British Steel Pension Scheme (BSPS) – a scandal which has resulted in thousands of individuals transferring their pensions to what are now worthless investments.

British Steel Pension Scandal

 

Members of the BSPS were asked to decide what to do with their defined benefit pensions as part of a restructuring process in 2017. About 8,000 members transferred out of the old scheme by October 2018, with transfers collectively worth about £2.8bn.

Those part of the BSPS were told following the restructuring that there were three options available to them:

  • Enter into a new Tata-backed scheme – BSPS2;
  • Enter into the Pension Protection Fund (PPF);
  • Transfer out of the scheme completely.

Generally speaking, it is never a good idea to transfer a final salary/defined benefit pension. These pensions are no longer offered by the majority of companies.

The Work and Pensions Select Committee found in an investigation that as many as 124,000 members may have been failed.

What is a defined benefit pension?

A defined benefit pension is a workplace pension that pays you an income based on your salary and the number of years you’ve worked for the company, rather than the amount of money you’ve contributed to the pension.

Concerns were soon raised about the suitability of the advice being provided resulting in a FCA intervention which immediately led to a number of firms stopping their advice services.

Have you been affected?

  1. Did you hold a British Steel Pension Scheme?
  2. Where you advised to transfer your British Steel Pension?

If you have answered yes to the above questions, please contact us urgently as we may be able to help.

What do I if I think I have been mis-sold?

Contact Oakwood Solicitors free of charge to find out if you are entitled to compensation on a ‘no-win, no-fee’ basis. We have helped clients to recover thousands of pounds in compensation and may be able to help you too.

We work closely with Independent Financial Advisors who can assist before you agree to move your funds.

How much will it cost to make a claim?

  • We operate on a Conditional Fee Agreement (CFA), more commonly known as no-win, no-fee.
  • If we fail to secure you a settlement, you will not be charged.
  • Any charges will be deducted from your settlement so you will not need to pay us anything out of your own pocket unless there is a reinstatement of the pension.

Money

 

How much compensation will I receive?

We cannot provide an exact figure until we have completed our investigation. In the event the advisor was registered and is no longer trading, there may be a cap on the level of compensation we can recover via the Financial Services Compensation Scheme.

In the event the advisor was not regulated we would seek to have the pension reinstated with your previous pension provider. We have recovered thousands of pounds already for a number of our clients, and could also help you.

Quick Facts

  • No-win, no-fee available.
  • Dedicated team of specialists.
  • Access to a panel of industry-leading experts.
  • Personal service and excellent reviews.
  • Financial advisers available to assist post-settlement.

WHAT TO DO NEXT

If you feel you have a claim, contact us for a free initial consultation regarding your options by email, or alternatively – call us on 0113 200 9787 for more information about the British Steel pension scandal.

 

Meet the author

S&M Hughes Limited has started liquidation proceedings. The firm was ordered to immediately cease all regulated activities by the Financial Conduct Authority in May 2019. Several steelworkers had enlisted the help of S&M Hughes Limited to transfer out of the British Steel Pension Scheme (BSPS) – a scandal which has resulted in thousands of individuals…

Find out more

Contract for Differences – Case Study

After successfully bringing a Claim for a Financial Litigation Client, Junaid Sohail shares a case study of the process. Contract For Differenc…

View

Hazardous Substances at Work – What protection should you be provided with?

The law requires employers to provide adequate health and safety measures in the workplace under the Control of Substances Hazardous to Health Regulations. This includes pers…

View

What is a Contract?

What is a Contract? When is a Contract Legally Binding?   Void/Voidable   Oral/Verb…

View

News categories

Why Oakwood?

Here at Oakwood Solicitors, we’re not your average law firm – our team delivers a service which caters to you. From assessing your case through to completion, our staff have not only the knowledge and expertise, but also the compassion and understanding to put you at ease throughout the process.

Get in touch

*Required fields
Loading

Cookies

This website uses cookies. You can read more information about why we do this, and what they are used for here.

Accept Decline