Steel pensions minority faced 'sharks'
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Steel pensions minority 'taken advantage of'

British Steel pension scheme members were targeted by "vulture" financial advisers after Tata was allowed to offload its retirement fund, MPs say.

In 2017 the Indian firm announced a restructuring of the £14bn fund to keep its UK loss-making operations afloat.

But the government, Tata and regulators failed to protect 124,000 members from a "major mis-selling scandal", the Work and Pensions Select Committee said.

The UK government has yet to issue its response to the "neglect" claim.

Retired steelworker Tony Taylor in Port Talbot, said most pensioners he had spoken to had taken good advice but a minority had been prey to "sharks".

  • 15 Feb 2018
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