The British Steel Pension Scheme is closing and members have been asked to choose between either moving their rights into the government’s Pension Protection Fund or transferring into a new British Steel scheme. However, many members have been advised to consider a third alternative, namely requesting a valuation of their rights with a view to transferring into a personal scheme.

Addressing MPs, a spokesperson for the British Steel scheme bemoaned the fact that when searching the Register on the website of the Financial Conduct Authority to identify a suitably independent adviser “it is only when you go to certain drop down boxes that it says restricted”.

As one independent financial adviser commented in the letters column of a leading financial publication, “Restricted advice is the same as walking into a Mercedes Benz showroom and asking for advice on which car you should buy”

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The value of investments can go down in value as well as up, so you could get back less than you invest. It is, therefore, recommended that you seek full, personal advice in respect of your needs where all appropriate risks will be explained.