Steelworkers – what to do now!

henry tapper

8 years ago

These men are looking out for you

Here is my advice – don’t worry – people are looking out for you.

If you have sent your options form and have not heard back, do not worry. There is no need to panic, don’t send more option forms, it will make things worse for the administration teams!

If you have yet to send in your options form and can get a photocopy, keep the copy and send the original this weekend.

If you are worried about the decision you have made, here is Paul’s advice (and it’s mine too).

STEELWORKERS
General advice and help: The Pensions Advisory Service British Steel helpline 020 7932 9522
To stop a transfer you’ve begun: British Steel Pension Scheme (BSPS) helpline 0800 085 7264
Make complaint about a financial adviser: Financial Ombudsman Service 0800 023 4567

— Paul Lewis (@paullewismoney) December 16, 2017

And for more general help on Time to Choose.

If you’re a pensioner, phone 0808 168 8709 (or +44 (0) 1206 585 361 if you’re calling from outside the UK).

If you’re not a pensioner, phone 0800 085 7264 (or +44 (0) 113 823 1344 if you’re calling from outside the UK).

Send in your form whatever!

Even if you want to go to the PPF, it’s worth sending in your form – it’s not worth leaving things to chance.

Note the wording on the form, so long as you’ve sent back your form by 22nd December, so don’t despair about the Christmas post and give up next week.

If you are worried about all the different deadlines…

This info-graphic may help – you might want to copy and print it and put it on a noticeboard;

If you are worried about your existing adviser…

You may be advised by one of the six companies that have “chosen” to stop taking business. They are…

Stockton-on-tees-based Vintage Investment Services, Barnsley-based Retirement & Pension Planning Services Ltd, and Carmarthenshire-based West Wales Financial Services Ltd have all agreed to ‘cease all DB pension transfer business immediately.

They join Active Wealth Management, Mansion House and Pembrokeshire Mortgage Services.

You can find out what these firms can do by going to the FCA website; this useful screengrab, prepared by Stefan Zait, shows you how to get to the adviser you are interested in.

If you are still not clear, you can ring the FCA helpline on 0800 111 6768.…

Vintage Investment Services has issued this guidance

Members should get a letter from Vintage confirming that

1) Any application to transfer that has been submitted should complete over the coming weeks;…
2) They can continue to provide other services such as advice on Pension Plan and Investments;
3) They are undertaking an internal review but cannot say when this will complete and when they hope to recind the voluntary requirement.

You need to talk to them about what happens if your application to transfer has not been submitted and discuss your options.

Speak to CHIVE if you need a new adviser.

If you are with advised by one of these firms then you could speak to Chive which has resource on the ground and is saving BSPS members a lot of anxiety.

Chive is a group of Financial Advisers who have given up their time to sort problems out on the ground. I’ve been asked about advisers outside of South Wales who have capacity. The Chive advisers have been selected and are monitored by Al Rush and they will give you the kind of hands on help that only people who do the job for a living can do.

Al is generating a list of people who have been advised on transferring and feel they may have been mis-sold. I can vouch for Al, this is not going to be sold to ambulance chasers, you may want to put your name down by following the link

You can also contact Chive by emailing Al at advice@yourwealthcare.co.uk . I have seen Al’s inbox and it is not a pretty sight. But Al is tireless and he will get back to you or pass you on to someone who can help.

Can you broadcast this message?

If you want to speak to me, I am happy to talk to anyone who can get the message to a wider audience. We need responsible reporting and I’m happy to put reporters in touch with the key representatives of the members – the people who run the Facebook Groups, monitor changes to the Time to Choose website and speak with the BSPS scheme management.

I can be called on 07785 377768

I can be mailed at henry.tapper@pensionplaypen.com

DM me at twitter ; @henryhtapper

I will take calls from BSPS members but I am not a regulated adviser and can give you limited help- beyond what is on this blog.