1813 Club and Premier Members Lawyers welcome investigation


Lawyers working for steelworkers affected by what has been labelled the ‘British Steel Pension Scheme (BSPS) scandal’ are celebrating a decision by the Financial Conduct Authority (FCA) to investigate the situation. The lawyers are from Clarke Willmott, which has an


office in Birmingham. The firm represents hundreds of steelworkers, and says the decision by the FCA is the result of two years campaigning. Clarke Willmott says nearly 8,000 steelworkers have


been affected by the affair, which came about when the BSPS scheme was closed three years ago by Tata Steel UK.Those in the scheme were given various options, which included Tata’s replacement scheme, BSPS 2, and the Pension Protection Fund (PPF). A third option was transferring out of the scheme


altogether, which thousands of steelworkers did after receiving advice from financial advisers in what MPs later called a ‘rip off’. Clarke Willmott set up a taskforce to look into the


situation, and found that out in hundreds of cases, the advisers’ advice was ‘almost always wrong’. The firm has recovered £2.4m for these members so


far. Philippa Hann, a partner in the firm’s financial litigation team, said: “Around a year ago, along with IFA Al Rush, we met with the FCA and asked them to write to the 7,700 steelworkers who were advised to transfer out of the BSPS and into personal pensions. “We are delighted to see the FCA taking the damage


caused to these workers so seriously. Of the 500 steelworkers we are working for we believe none received advice which was suitable for them and they


should all be entitled to compensation. Unfortunately, there will be many, many more steelworkers who were similarly advised and who should be compensated. “We routinely see firms which transferred large


numbers of steelworkers into personal pensions after 30 minute meetings, and very commonly there was no discussion at all of retirement plans, and no discussion of the alternative, highly valuable, options of BSPS 2 or the PPF. “Instead, some advisers preyed on steelworkers’


fears concerning the safety of their pensions and exploited them, seemingly for their own financial gain. Certain advisers told steelworkers they could not retire until 65 if they went into the PPF, knowing that the prospect of working until 65 was frankly heart-breaking for those who had been breaking their backs for 30+ years already. “Our clients have suffered losses ranging from


£30,000 to over £1m and we’re fighting hard to see that those individuals secure the maximum compensation possible by exploring all avenues, including court proceedings where appropriate.” Ms Hann added that the FCA had accepted that


as many as 69 per cent of workers were advised to transfer into a personal pension. She added: “This letter is a great step


towards helping more affected workers and we hope that many more people come forward to claim for the compensation they deserve.”


Philippa Hann: steelworkers’ pension is a ‘scandal’


Study reveals lockdown tension Drive to identify


Lockdown measures have taken their toll on the mental and physical wellbeing of the UK’s workforce, creating tension and rifts between colleagues and animosity towards employers. That is the conclusion of a study


by Westfield Health, as part of its ‘Divided Together’ report on the health and wellbeing of the nation’s workforce. The organisation – a health


insurance and wellbeing business - said that the impact of lockdown had been a rise in mistrust, suspicion and envy, creating division within teams. The report revealed a rift


between furloughed and working employees, with a large percentage (39 per cent) of the former expecting that others will get special treatment when they return to work, and 30 per cent feeling that others ‘think they have it easy’. As a result of this divide, 56 per


cent of furloughed workers say their mental health has got worse, increasing to 66 per cent amongst furloughed parents. Concerns around personal


finances and job security (64 per cent) were found to be common amongst furloughed workers and these feelings of financial pressure


they felt jealous of their colleagues’ home working environments. There were also concerns around


productivity with almost half (46 per cent) saying parents were using their kids as an excuse to do less. Dave Capper, CEO of Westfield


Health, said: “As we begin to reopen parts of the economy and ease lockdown restrictions, one of the first places to feel the impact of these tensions will be the workplace. “Rifts between those who have


Dave Capper: tensions rising in the workplace


are exacerbated by just 12 per cent of furloughed parents saying their pay was being topped up compared to 21 per cent of non- parents. For those not on furlough, more


than a third (35 per cent) working from home believing that colleagues on furlough had less to worry about with 28 per cent saying furloughed colleagues were ‘getting an easy ride.’ The survey also found tensions


building among those still working, with more than four in ten saying


been furloughed and those who have carried on working – often with reduced pay – are complex and highly sensitive and can be attached to feelings of self-worth and value. “With many business leaders


focusing on long-term economic stability, there’s a risk they’ll overlook the challenge and importance of re-unifying divided teams. “Our experiences and emotions


from this time are not shared, they are very personal and our isolation from others is making this worse. “A productive, thriving business


is one that works as a unit. Being aware of and actively working to bridge these divides will be key to getting UK business back on track.”


work placements Two new BMet work placement co- ordinators are hoping that the Covid-19 crisis will not impact local student work placement opportunities. Coby Hatton and Andy Fisher


recently joined the Birmingham further education college with the remit of finding students ‘real’ work experience opportunities. Despite the limitations of the


lockdown, the pair have been busy researching opportunities and contacting employers to identify remote work experience placements. Coby, previously a business


administration apprentice at Sutton Coldfield College, said: “I am so pleased that I will be able to help young people make an important choice towards their desired future career, while giving them the support to go after their dream job.” Andy, until recently a full-time


stay at home dad, said: “I’ve known for a long time that I wanted to work within education. “Over the next few months, my


job will be supporting learners by signposting resources that help build their employability skills. I will also be making sure everything is in place for the department to run smoothly when the college buildings re-open.”


August/September 2020 CHAMBERLINK 29


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