Commenting on today’s publication of a report by Caroline Rookes into the issues around the British Steel Pension Scheme, Steve Webb, Director of Policy at Royal London said:
‘Thousands of steel workers have a right to feel let down by those whose jobs were to protect their interests. The trustees of the pension scheme failed to make sure that workers had access to high quality impartial advice when making decisions about their pensions. And regulators were slow to act when it became clear that things were going wrong. Deciding whether or not to transfer a pension is a complex decision and depends on each individual’s personal circumstances. Workers had a right to expect that people who understand the complexities of pensions would have used their expertise to help them make the right decisions, yet those who were in a position to act let them down’.
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About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.