Pensions Ombudsman Investigating British Steel Complaints

Law360, London (February 9, 2018, 5:46 PM GMT) -- The Pensions Ombudsman is investigating more than 150 complaints from members of the troubled British Steel Pension Scheme, who say they were left shortchanged after removing funds from one of the U.K.’s biggest savings plans.

The ombudsman announced the probe on Thursday, after lawmakers warned that “parasitic” financial advisers had encouraged some of the scheme’s 125,000 members to withdraw their savings under the U.K.’s controversial pensions freedoms.

“We continue to receive new complaints and a high volume of enquiries from members and their representatives,” the ombudsman...
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