DB Transfers · 6 min
British Steel (BSPS) Pension Claims in 2025: What Members Need to Know
22 August 2025
Former British Steel Pension Scheme (BSPS) members who transferred out of the scheme can still pursue compensation through the Financial Ombudsman Service or the FSCS. Award sizes depend on individual loss calculations against the guaranteed DB benefits given up.
Background
When Tata Steel restructured its UK pension in 2017, thousands of steelworkers were advised — often badly — to transfer their guaranteed final salary pensions into riskier personal pensions.
How to claim today
The FCA's consumer redress scheme has now closed for new direct claims, but Ombudsman and FSCS routes remain open for the vast majority of affected members.