Committee examines British Steel Pension Scheme
30 November 2017
The Committee schedules a special evidence session on 13th December in its inquiry into the operation of pension freedoms, looking specifically at the issue of advice and information given to members of the British Steel Pension Scheme (BSPS) about their pension scheme and transfer options.
The Committee has received evidence of questionable approaches and unsuitable advice being given to members of the BSPS, which the Chair has described as a "honeypot for scammers", and there are fears of BSPS members nearing retirement losing huge amounts of their life savings.
Financial advisers Henry Tapper and Alastair Rush, who have been close to recent events in Port Talbot and are exposing what they regard as unsuitable financial advice and potential misselling, will give evidence.
The Committee will also hear from representatives of the steel workers and their union, the BSPS trustees, the FCA, and financial advice firms Celtic Wealth and Active Wealth - the latter had its permission to accept new pension business suspended by the FCA. Full details of the session will be released closer to the time. The Committee is due to produce the first report of this inquiry in the next weeks: this evidence session is intended to inform a second report that will propose regulatory and other measures to prevent similar situations.
Further information
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