UK opposition pledges to push government on pension transfers
The chairman of the UK’s Work and Pensions select committee will urge the government to enact MPs’ recommendations on the British Steel fall-out.
The British Steel Pension Scheme (BSPS) was the subject of a report, published by the committee last month, which claimed that workers had been “shamelessly bamboozled” by financial advisers.
The report looked at the effect on 130,000 steelworkers. Their pension funds were either transferred to a new plan, known as BSPS II, or were kept within the current pot, which would be moved across to the Pension Protection Fund by the end of the year.
Frank Field told the FT Adviser, “The government will have to come back to us [about this report], so there is vested interests in all of them to actually act, to be accountable to us and hopefully they agree and give us what they are setting as action, because that is what is lacking here, action.
“But otherwise of course, as with all our other committee reports, if there are unsatisfactory replies we actually continue working on them, pushing, pushing and pushing, to get the change in policy that our membership believes is right.”