Steelworkers unsure about whether they are eligible to claim compensation following the British Steel Pension Scheme (BSPS) scandal are being encouraged to attend a free seminar to find out more about their options.

A series of free, no obligation talks are being held in Scunthorpe and Stockton-on-Tees in May by lawyers from Clarke Willmott’s financial services litigation team.

Philippa Hann, a partner in the team, set up a taskforce in 2018 which has been helping victims claim compensation ever since.

The seminars will cover what happened and why people were badly advised, who is likely to be eligible for compensation and options available going forward.

Attendees will also hear about others who have already made claims and the difference it has made to their financial situations.

The seminars come following the announcement by the FCA that a new £71 million compensation scheme is launching to help some of those badly advised.

Unfortunately, many people will be unable to participate in this compensation scheme, and perhaps be unable to pursue compensation at all if they delay taking action.

Part of the seminar will explain this with the hope that no one is left behind.

Clarke Willmott has, to date, recovered over £20 million in compensation for hundreds of steelworkers affected in Teesside, Scunthorpe, Middlesbrough and South Wales.

Philippa said:

“Around 7,700 steelworkers were advised to walk away from their final salary pension schemes and transfer into higher risk private arrangements.

“It has since been found that much of the advice handed out was wrong, leaving people worse off in retirement than they would have been. Those affected are eligible for compensation.

“We are finding that many former BSPS members do not realise that they should not have been advised to transfer their pensions or that they’re unsure on what to do about it.

“These informal talks are aimed at helping both those who have already started a claim and those who are deciding whether to take the next step.

“We’re working hard to raise awareness and encourage people to come forward. Some people, namely those who transferred before 2017, will by the end of this year likely find themselves out of time to pursue compensation, whether through the FCA’s recently-announced compensation scheme or otherwise. For those people, complaints should be commenced very soon to try to avoid the risk of being too late.

“We understand that pensions can be complicated and it can be daunting to be involved in a compensation scheme or taking a complaint through the Financial Ombudsman Service.

“Some people don’t think they have a claim because the value of their pension has gone up in the last few years since they transferred, but that doesn’t mean that they haven’t incurred a loss. The loss isn’t apparent now but will be felt in future, at retirement. The average loss we have seen for people who transferred before 2017 is around £320,000, even when their pension has grown since transferring.

“There is no requirement to have legal representation when dealing with the Financial Ombudsman Service or FSCS, however, we deal with complaints for clients who want a professional to take care of it and who want to make sure they’re compensated properly.

“The team and I have become really passionate about putting right some of the injustices that went on here."

Clarke Willmott has put together a dedicated team to help with the cases and offer free initial consultations to discuss transfers, with no obligation.

Free workshops will run on -

• Tuesday 10 May, 7pm-9pm, at Best Western Parkmore, Stockton-on-Tees – group session for existing clients.

• Wednesday 11 May, 9am-11am, at Best Western Parkmore, Stockton-on-Tees – for anyone wanting to find out more.

• Wednesday 11 May, 3pm-5pm, at San Pietro, Scunthorpe – for anyone wanting to find out more.

• Wednesday 11 May, 7pm-9pm, at San Pietro, Scunthorpe – group session for existing clients.

• Thursday 12 May, 9am-11am, at San Petro, Scunthorpe – for anyone wanting to find out more.

To register your place, find out more or get advice sooner email pt@clarkewillmott.com For more information about Clarke Willmott visit www.clarkewillmott.com