British Steel Pension Scheme

Public Accounts Committee Closed Inquiry
Opened: 15 Mar 2022 Closed: 14 Oct 2022 Parliament page
When the British Steel Pension Scheme (BSPS) was restructured in 2017, its members were given a set of options for what to do with their pension “pot”, including transferring their funds out of the pension scheme altogether. Around 7,700 members, many of whom received independent financial advice to inform their … Read more
5 Recommendations
18 Conclusions
1 Report
2 Oral sessions
1 Letter
2 Events
Activity timeline 7 events
14 Oct
2022
Report published
21 Jul
2022
Report published
13 Jun
2022
Oral evidence
13 Jun
2022
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
23 May
2022
Correspondence
27 Apr
2022
Oral evidence
27 Apr
2022
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
Oral evidence sessions 2 sessions
13 Jun 2022
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British Steel Pensions Scheme; Regulation after EU Exit
Andrew Bailey · Bank of England Emily Miles · Department for Environment Food and Rural Affairs Michael Grenfell · Competition and Markets Authority Sarah Albon · Health and Safety Executive
27 Apr 2022
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British Steel Pension Scheme
Caroline Rainbird · Financial Services Compensation Scheme (FSCS) Nausicaa Delfas · Financial Ombudsmen Service Nikhil Rathi · Financial Conduct Authority Philippa Hann · Clarke Willmott LLP Rich Caddy · British Steel Pension Scheme Sheldon Mills · Financial Conduct Authority Tim Fassam · Personal Investment Management and Financial Advice Association (PIMFA)
Title HC No. Published Items Response
Fourteenth Report - Investigation into the British Steel Pension… HC 251 21 Jul 2022 23 Responded
Recommendations & Conclusions
2 results
Clear
19 Conclusion Not Addressed
Fourteenth Report - Investigation …
There is a fundamental misalignment between legislation and regulation of the DB pensions advice market,...
There is a fundamental misalignment between legislation and regulation of the DB pensions advice market, which has caused confusion over the suitability of transfer advice.60 The 2015 Pensions Schemes Act introduced by HM Treasury was intended to provide greater freedom … Read more
Government Response
Seven years after the Pensions Schemes Act, regulated bodies are still not clear on the Financial Conduct Authority’s expectations for consumer protection.
HM Treasury
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23 Conclusion Not Addressed
Fourteenth Report - Investigation …
Redress arrangements also impact on the wider pension’s advice market.
Redress arrangements also impact on the wider pension’s advice market. Firms should have PII cover to afford the cost of compensation, and whilst firms had cover when they provided advice, many are unable to access insurance for subsequent years.72 This … Read more
Government Response
The Government restates the committee's conclusion regarding PII cover and the FSCS levy.
HM Treasury
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Government Response AI assessment · 23 of 5 classified
Accepted 1
Accepted in Part 1
Acknowledged 15
Deferred 1
Not Addressed 2
Rejected 3
Total 5 recs + 18 conclusions
Correspondence 1 letter
23 May 2022 Correspondence from Nikhil Rathi, Chief Executive, FCA – Financial Conduct Authority, re 27 April - British Steel Pensions Scheme (BSPS) session, dated 18 May 2022
Parliament page