Pensions - Articles - How British Steel Pensioners were failed in stark detail

 Simon Harrington. Head of Public Affairs at PIMFA, commented: “The findings of the National Audit Office’s British Steel report sets out in stark detail the manner in which members of the British Steel Pension Scheme (BSPS) were failed. While it is clear that the circumstances which gave rise to these events combined to create a unique situation, it is equally the case that the regulatory environment and standards of professionalism with respect to the provision of final salary pension transfer advice have improved exponentially since this crisis. It is on that note that the industry can draw a degree of confidence that a scenario like British Steel should not and indeed could not happen again.

 “However, the point remains that significant numbers of individuals who transferred out of the scheme who may be eligible for redress have not come forward. On this point, we will be working with the Regulator on the design and delivery of the BSPS redress scheme.

 “We believe that it is vital going forward that such a scheme gives due consideration to individual outcomes with respect to the calculation of their transfer value, the investment they found themselves in and, of course, the suitability of the advice given.”