British Steel Pension Scheme: Calculator user guide [pdf] British Steel Pension Scheme redress calculator: Technical report [pdf]

The Financial Conduct Authority, FCA, has published two documents in connection with the new redress scheme for customers that were wrongfully or poorly advised to transfer out of the British Steel Pension Scheme (BSPS) following the financial difficulties of the scheme’s sponsor in 2016 and the subsequent restructuring in 2017 and 2018. Specifically, the FCA has issued the
1. BSPS calculator user guide which is addressed at firms subject to redress claim evaluations and possible redress payment obligations to clients. The guide outlines the steps firms must take to determine the overall redress to be paid to clients following the conclusion that the advice provided to clients was insufficient or inadequate in terms of suitability and that the customers transferred out of the BSPS based on this wrongful advice. The document thereby includes step-by-step instructions on the information that is to be inputted into the redress calculator and the payments that should be made to clients following the calculation.
2. Technical Report accompanying the British Steel Pension Scheme Redress Calculator which provides a detailed description of all data fields, possible values, and data formats of the calculator, the produced output, and the mathematical assumptions and calculations underlying the redress determination.