Labour MP Nick Smith has raised concerns that a "pension scandal" is brewing around British steelworkers who are unsure of whether they should transfer out of their existing defined benefit (DB) pension.
Speaking in the House of Commons on 7 December, the MP for Blaenau Gwent expressed concern about a pending pension crisis among his constituents and criticised the Financial Conduct Authority (FCA) for not being more supportive of the steelworkers. "I am afraid a steelworkers' pension scandal is brewing," he told the Commons. "My constituents are worried about making the wrong decision on pension transfers, and the FCA is providing insufficient support to steelworkers at this crucial time." Smith then asked the government for a statement and action plan from the FCA to support the ste...
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