Around 8,000 steel workers suffered "significant financial losses" after being given unsuitable advice about their pensions, a report has concluded. Many were poorly advised to transfer their savings out of the British Steel pension scheme by advisers who received financial incentives if people left the scheme..
The MP for Blaenau Gwent has described the scandal as "one of the biggest financial rip-offs of working people in south Wales" and called for those responsible to be held to account. Pension and benefits rates are changing, see how that could impact you here.
The British Steel Pension Scheme (BSPS) was a scheme sponsored by Tata Steel UK which was restructured in 2017 after Tata Steel experienced financial difficulty. The average loss for claims already resolved is £82,600, with individual losses ranging from £0 to £489,000.
