Steel Pensions Mis-Selling

Last week I took part in a debate in Parliament on steel pensions, and how thousands of people including some in South Yorkshire have fallen foul of rogue pension mis-selling.

Two years ago, when the British Steel pension scheme began to restructure its fund after a difficult period, members had to decide whether to stay in or transfer out of the scheme.

Amidst these difficult decisions being made, unscrupulous pension advisers began offering promises of better returns, often in return for a large fee.

Many of these investments turned out to be high risk, provided by dodgy advisers, and based with firms that were eventually ordered to stop advising by the Financial Conduct Authority.

Many workers lost tens, even hundreds, of thousands of pounds to these schemes, along with the security of their future that they had worked hard for throughout their life.  

The Financial Conduct Authority have acted and the Financial Services Compensation Scheme paid out to those who have suffered, but those who exploited hard-working people still need to face justice.

And, like those former miners in Barnsley who have lost out on possible income through the Mineworkers Pension Scheme can attest, we need a Government on the side of working people.

Consumer information on pensions and investments must be easier to find and understand, pension advisers better regulated, and wrongdoers brought to justice.

Hard-working people in South Yorkshire and across the country who have spent their lives working for security in retirement must not be exploited by financial vultures.