Tens of thousands of steelworkers involved in the UKs largest corporate pension restructuring were given little time to make very complex decisions, which left some facing potential financial losses, according to the findings of an independent review.
The most significant concerns related to those choosing to transfer their pension out of the British Steel Pension Scheme (BSPS) scheme, said Caroline Rookes, a former head of the Money Advice Service.
Ms Rookes was asked by the Pensions Regulator to conduct an independent review of the communications and support provided to members of the scheme after their pensions were decoupled from Tata Steel UKs business in 2017, in a move designed to help shore up the steelmakers UK operations.
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