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Pension Transfers and the British Steel Pension Scheme

My colleague Nick Smith MP (Blaenau Gwent) secured a Westminster Hall debate this week on the British Steel pension scheme and the companies who have been trying to mis-sell terrible schemes to those pension holders.

There was an absolute lack of information provided to the pension scheme holders by the UK Government during its transfer and this resulted in a number of companies providing poor advice to deliberately benefit from the proceeds of transfer.

Currently, 17 companies are under investigation. We cannot let steelworkers, either those still working in the industry or those already in retirement, lose their pensions. The UK Government need to take this seriously and ensure a proper investigation is undertaken by authorities and greater protections are in place for pension holders.