Redress in relation to transfers out of the British Steel Pension Scheme

OAC are able to assist with the calculation of redress for individuals who transferred out of the British Steel Pension Scheme. 

Our calculations are fully compliant with the approach required by the Financial Ombudsman Service (FOS); are calculated in line with redress guidance FG17/9; and are signed off by an actuary. 

We are able to calculate redress either on the basis that:

  • The individual would have remained in the Old British Steel Pension Scheme with the expectation that they would eventually be moved into the Pensions Protection Fund (PPF); or
  • The individual would have been transferred to the New British Steel Pension Scheme (BSPS2)

Please click here if you are a financial advisor who is required to pay redress in relation to a transfer out of the British Steel Pension Scheme 

Please click here if you are individual who has been advised to transfer out of the British Steel Pension Scheme and you are expecting to receive redress 

Please see some useful reading material here:

Link to Current Issues in Redress - Q3 2022 | OAC (oacplc.com)

Link to Current Issues in Redress - Q2 2022 | OAC (oacplc.com)

Link to Response to FCA consultation paper CP22/6 | OAC (oacplc.com)

Link to BSPS redress scheme - understanding the potential magnitude of redress | OAC (oacplc.com)

Link to FG17/9: Guidance for firms on how to calculate redress for unsuitable defined benefit pension transfers | FCA

Link to CP22/6: Consumer redress scheme for unsuitable advice to transfer out of the British Steel Pension Scheme | FCA

Link to CP22/15: Calculating redress for non-compliant pension transfer advice | FCA

Providing a robust audit

At OAC we evaluate each case in detail, reviewing the file in full to properly understand the circumstances. Similarly, in our audits we make sure that we identify any unusual features of a case so that we can verify that it has been handled correctly.

Once we have reviewed the file, we can independently recalculate redress using our established, robust software. All of our calculations are checked and signed off by an actuary.

When preparing calculations, we are able to make reference to our Scheme Booklet and FSAVC Libraries which were collated during the regulatory reviews, and to a wealth of additional updated Scheme information obtained over the past 25 years.

We keep abreast of current issues in redress, adapting our processes and calculations as required to reflect the most recent thinking by the Financial Conduct Authority (FCA) as well as developments in the broader pensions industry. This means that our audit service ensures compliance with not only legislation but also with industry best practice and emerging issues.

Contact Us

Sarah Abraham

For more information
Sarah Abraham
Head of Redress Solutions

An adaptable, scalable solution

OAC Redress Solutions take on projects of any size, from individual calculation reviews to larger projects. Our team take the time to understand your objectives before putting forward an audit proposal which might range from the broad methodology being used to calculate redress through to replicating specific calculations.

OAC case management is tailored to your needs allowing you to choose the level of support to suit your business and budget including:

  • Regular catch up meetings
  • Monthly or weekly case work schedules
  • Client specific case submission forms.
  • Fixed fees for preparing calculations
  • Volume discounts

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Helping you manage your stakeholders

Redress calculations are increasingly being scrutinised by investors, claims managers, auditors and PI insurers. Our team of experts come from a range of backgrounds and are used to dealing with different stakeholders. We offer a professional, independent and experienced voice which will instil confidence that your redress outcomes are fair.

At OAC we believe that one of the outcomes of a successful audit is that the user understands the calculation process and the factors that affect the magnitude of redress. We have a clear communication style which is demonstrated both in our day to day interaction with clients and in our comprehensive and clear reports. Our calculation output is also designed to give a clear explanation of how redress has been calculated.

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Why work with OAC

OAC’s redress experts will bring extensive knowledge, experience and processes to help your business resolve complex redress issues ensuring you get the right outcome every time.

  • Over 25 years of expertise and knowledge in redress 
  • Robust, compliant calculations prepared using established software
  • An adaptable, scalable solution designed to meet your needs.
  • A collaborative approach to case management that works the way you do. 
  • Fixed fees for all major calculation types.
  • An accessible and professional consultancy service which enables you to understand the complexities of redress so that you can make the right choices for your business

Contact Us

Sarah Abraham

For more information
Sarah Abraham
Head of Redress Solutions