Nick Smith MP backs action to rectify British Steel pension scandal

'Wrongly advised to transfer'

Sophie King
clock • 2 min read

Blaenau Gwent Labour MP Nick Smith has called for action against adviser firms who wrongly advised more than 8,000 steelworkers to transfer their pensions.

In a speech at the House of Commons, Smith called for more action to help those who had "been targeted by unscrupulous pensions advisers". He said: "There were nearly 8,000 transfers out of the scheme, and we know that 872 of those were advised by firms that were eventually required to stop advising. Too many people saw their hard-earned pension pots put at risk, including constituents of mine who were worried sick about their future. "The pension's debacle that hit steelworkers last winter should never have happened." Smith also pointed out that, while interest in steel pension tr...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

DWP publishes state pension age communications action plan

DWP publishes state pension age communications action plan

Government confirms plan to develop strategy with ‘timely’ and ‘modern’ communications

Martin Richmond
clock 25 June 2026 • 4 min read
Ros Altmann: A pensions manifesto for the new prime minister

Ros Altmann: A pensions manifesto for the new prime minister

Ros Altmann says pension funds could be a 'silver bullet' to revive UK growth

Baroness Ros Altmann
clock 25 June 2026 • 6 min read
Scottish Widows launches pension tracing tool

Scottish Widows launches pension tracing tool

Some 3.3 million pension pots are 'lost' in the UK

Holly Roach
clock 24 June 2026 • 1 min read