Trustees lack expertise, time and resources to develop effective communications on technical pensions issues and need professional help, a major review of the British Steel saga has concluded.
The initial funding level test criterion for the new British Steel Pension Scheme (BSPS) have been "comfortably met", according to the trustee.
The Work and Pensions Select Committee has urged the FCA to ban the use of contingent charging for pension transfer advice in its latest report into the British Steel Pension Scheme (BSPS).
Ensuring British Steel workers were well-equipped to make a decision on their future pension provision was "afforded insufficient priority", and the regulator now needs to review the process, the Work and Pensions Committee (WPC) has said.
The Pensions Ombudsman is investigating a group of more than 150 complaints about transfer values from British Steel Pension Scheme (BSPS) members.
More than 25,000 steelworkers did not return their 'options forms' and as a consequence will remain in the current British Steel Pension Scheme (BSPS) for now, to move into the Pension Protection Fund (PPF) at the end of March.
Henry Tapper says as the initial euphoria of 'never having to buy an annuity again' wears off, the prospect of freedoms becomes less appealing
The British Steel Pension Scheme (BSPS) has told MPs it has given members enough guidance and information to make informed choices about their pension.
Industry experts are worried many British Steel Pension Scheme (BSPS) members will end up in the Pension Protection Fund (PPF) instead of switching to the new fund.