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

Salary sacrifice change to 'hit' more than three million workers

Salary sacrifice change to 'hit' more than three million workers

Government releases impact assessment

Jen Frost
clock 05 December 2025 • 3 min read
Andrew Tully: Plummeting pensions confidence is 'siren call' for wide-reaching action

Andrew Tully: Plummeting pensions confidence is 'siren call' for wide-reaching action

'We're seeing a deep erosion of trust in the retirement system'

Andrew Tully
clock 05 December 2025 • 3 min read
When is a SIPP not a SIPP? Time for a terminology rethink

When is a SIPP not a SIPP? Time for a terminology rethink

'I would suggest that it’s time to review the use of the term SIPP,'

Caitlin Southall
clock 01 December 2025 • 4 min read