PPF called to compensate British Steel victims

PIMFA consultation response

Hope William-Smith
clock • 3 min read

The Pension Protection Fund (PPF) should take in the members of the former British Steel Pension Scheme (BSPS), says the Personal Investment Management & Financial Advice Association (PIMFA).

The trade body suggested this plan as it addressed the fate of the BSPS members who transferred out of the defined benefit (DB) scheme in 2017 in a new proposal presented to the Financial Conduct Authority (FCA). Under this arrangement, affected steelworkers would be able to receive a guaranteed income similar to what they would have received had they stayed in the old, now collapsed, BSPS. PIMFA has also suggested that advice firms still be required to pay redress by topping up an individual's pension provision "to a level which would be invested directly into the PPF to ensure they ...

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