The Pensions Ombudsman is investigating a group of more than 150 complaints about transfer values from British Steel Pension Scheme (BSPS) members.
A notice posted on the Pensions Ombudsman website on Thursday revealed the body is investigating 150 complaints relating to transfer values given to British steelworkers.
The notice said it will shortly be undertaking another group investigation where members have complained about early retirement factors.
The Pensions Ombudsman said it continues to receive a high volume of enquiries from BSPS members and as such expects further complaints.
It said it is working closely with the trustees of the BSPS to ensure that those members who wish to bring a complaint are able to do so as "easily as possible".
Before the Pensions Ombudsman considers a complaint, steelworkers must first raise an issue with the trustees and deal with it under the internal dispute resolution procedure.
So far, the trustees have dealt with more than 200 complaints under this procedure, the majorty of which have gone as a complaint to the Pensions Ombudsman.
A letter from Financial Conduct Authority chief executive Andrew Bailey published last month revealed some 583 steelworkers fell victim to unsuitable pension transfer advice.
Eight advice firms have now voluntarily suspended their pension transfer permissions following a visit from the FCA; Active Wealth, Bartholomew Hawkins, Country Capital Wealth Management, Mansion Park, Pembrokeshire Mortgage, Retirement & Planning Services, Vintage Investment Services and West Wales Financial Services.
The advice industry came under fire for its treatment of steelworkers who were keen to transfer out of their ‘gold plated' defined benefit pension. Some have been accused of putting their profits before appropriate transfer advice.
We are now approaching the first anniversary of trustees required to set strategic objectives for their investment consultants, Grant Suckling writes.
The majority of employers currently support the simplification of the pension tax regime, with evidence mounting of its adverse impacts, the Association of Consulting Actuaries (ACA) finds.
MPs considering the Pension Schemes Bill in its final stage must push back on changes which could damage private pension viability, according to former pensions minister Ros Altmann.
Legislation formalising trustees’ ESG duties could be overly prescriptive and lay down too much pressure on schemes, the industry has told PP.
Occupational pensions schemes will be required to direct savers to take guidance on pension withdrawals under new provisions to boost engagement.