Active Wealth UK's ex-clients join steelworkers in DB transfer fight

'Same modus operandi'

Hannah Godfrey
clock • 2 min read

Former clients of Active Wealth UK, an advice firm at the centre of the British Steel pension saga, have joined steelworkers in their legal challenge over DB transfers after they faced a comparable scenario when dealing with the firm.

The six former clients, one of whom had a pension pot worth more than £1m, were advised to transfer their defined benefit (DB) pensions into the same "poorly performing" fund the steelworkers' money ended up in - the Newscape Global Multi-Asset Conservative Fund, previously known as 5Alpha Conservative. They were invested in the E share class, which, according to a factsheet dated December 2017, carries ongoing charges of 2.51%. The fund also carries a 5% exit fee if investors sell out in the first five years. Clarke Willmott solicitor Philippa Hann (pictured), who is acting on behalf...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Gender pensions gap to 'keep rising' as contribution levels fall

Gender pensions gap to 'keep rising' as contribution levels fall

More women are ‘contributing less’ to DC pots, with men having pots double the size

Jasmine Urquhart
clock 11 February 2025 • 2 min read
Celebrations on ice: Pensions over-taxation issue not fixed yet

Celebrations on ice: Pensions over-taxation issue not fixed yet

'I'm keeping my celebrations on ice as the biggest issue is still unresolved'

Lisa Webster
clock 11 February 2025 • 4 min read
DB pension advice: Redress liabilities dip below 5% of transfer values

DB pension advice: Redress liabilities dip below 5% of transfer values

First Actuarial found ‘considerable drop’ in financial risk associated with DB redress

Holly Roach
clock 05 February 2025 • 2 min read