Many British Steel Pension Scheme (BSPS) members suffered significant financial losses after transferring out of the defined benefit (DB) scheme due to unsuitable advice by the regulated financial advice market that failed to protect them, according to the National Audit Office (NAO).
A report on the findings of NAO's investigation into the British Steel scandal also highlighted the ways in which many members had failed to receive full compensation. It comes after the NAO ann...
To continue reading this article...
Join Professional Pensions
- Unlimited access to real-time news, analysis and opinion from the industry
- Receive our in-depth monthly magazine in either print or digital format
- Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
- Receive important and breaking news stories selected by the Editors in our daily newsletter
- Hear from industry experts and other forward-thinking leaders
- Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date