British Steel Pension Scheme: Transfers — [Mr George Howarth in the Chair]

Part of the debate – in Westminster Hall at 10:18 am on 10th April 2019.

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Photo of Stephen Kinnock Stephen Kinnock Labour, Aberavon 10:18 am, 10th April 2019

The Minister has set out some of the structural and institutional issues and the lessons to be learned, but does he agree that when 8,000 members transfer out there is clearly a problem that needs to be addressed at source? Flagging up risks is all very well, but this is a case of shutting the door after the horse has bolted. We need a system that prevents such mass migration out, because once those kinds of numbers are involved it is highly likely that people will be going against actuarial advice that is in their best interests.