Thousands of steelworkers suffered losses when they transferred out of the British Steel Pension Scheme, a new report has revealed.
The report from the National Audit Office (NAO) found that attempts to remedy financial losses suffered by British Steel pension savers have left many people not being fully compensated.
Many pensioners who transferred out of the scheme suffered significant losses because they were given unsuitable advice and the regulated financial advice market failed to protect them. Nearly 8,000 steelworkers, representing £2.8bn of the fund, chose to transfer out of the scheme. Around 95% of the BSPS members who transferred out had received financial advice from a regulated firm.
