STEELWORKERS TARGETED

THOUSANDS of steelworkers were targeted in a mis-selling scandal last year.

Rogue advisers flocked to the steel heartland of Port Talbot, Wales, to tempt workers to transfer their retirement funds into riskier investments. Chaos erupted after Tata Steel decided to close the British Steel Pension Scheme, with workers allowed to stay with the scheme as it went into the Pension Protection Fund, join a replacement set up by Tata, or transfer out.

Parliament’s Work and Pensions committee said contingent charging was a key driver of bad advice and should be banned.