Ombudsman investigating complaints from British Steel pensioners over investments
Complaints from British Steel Pension Scheme stakeholders about the transfer value of their investments are being investigated by the Pension Ombudsman
By Scunthorpe Telegraph | Posted: 13 Feb 2018
British Steel pensioners in Scunthorpe have joined forces with other UK stake-holders in complaining to the industry's ombudsman about the transfer value of their investsments.
The Pension Omsbudman's office has confirmed it is currently investigating more than 150 cases.
And the watchdogs are about to start a second probe into complaints about the early retirement factors.
A spokeswoman said: "We continue to receive new complaints and a high volume of enquiries from members and their representatives.
"As such, we anticipate further complaints regarding the expected British Steel Pension Scheme (BSPS) transfer into the Pension Protection Fund.
From next month the existing steel fund, set up in 1967, will be taken over by a scheme run by the Pension Protection Fund.
But the majority of the stakeholders in Scunthorpe have voted to join a new scheme run by the existing trustees with cash aid from Tata Steel UK.
Pensioners pictured leaving the Baths Hall in Scunthorpe following a meeting held in October to explain the new British Steel Pension Scheme options.
The old scheme had more than £14 billion in assets and it is not yet clear how the money will be divided between the two funds.
The spokeswoman added: "We are working closely with the trustees of the BSPS to ensure that all those members who wish to bring a complaint to us are able to do so as easily as possible.
"Before we will consider any of these complaints, we decided that the complaint must have been raised with the trustees and dealt with under the internal dispute resolution procedure (IDRP).
"Following the huge increase in IDRP complaints being made, the trustees have implemented an accelerated one stage IDRP for members wishing to complain about either their transfer values or the early retirement factors applied to their pension benefits.
"The trustees have dealt with over 200 complaints under this accelerated procedure and the majority of these members have now brought their complaints to us.
"For those members who have a case currently under investigation, we have produced a document, which we hope answers most of their questions.
"Any members wanting information and advice on what we do and how we can help, can contact us from Monday to Friday, 9am to 5pm on 0800 917 4487 or email firstname.lastname@example.org"