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

Part of the debate – in Westminster Hall at 10:41 am on 10th April 2019.

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Photo of Nick Smith Nick Smith Opposition Whip (Commons) 10:41 am, 10th April 2019

Thank you, Mr Howarth for chairing what has been a productive debate on an important issue. There have been some strong contributions about some of the key problems that steel pensioners have had to work through in the last 18 months or so. In particular, my hon. Friend Stephen Kinnock spoke movingly about the human impact on his constituents, who were at the epicentre of these problems. I have seen the impact too, and it has been heartbreaking.

My constituency neighbour, my hon. Friend Nick Thomas-Symonds, emphasised the importance of looking at the possibilities for criminal proceedings. I strongly endorse that point, which needs to be taken on urgently by the South Wales police or the FCA.

Other contributors spoke clearly about these serious issues, and about what needs to be done to help in the future. It is clear that a lot of things went badly wrong, and hard-working people found their life savings put at risk. The problems that have been highlighted today need to be addressed as a matter of urgency so that we do everything we can to prevent this from happening again further down the line. I hope the Minister will see through the changes that are needed, given the problems that we have identified today. We will work with him to do that.

Question put and agreed to.


That this House
has considered pension transfers and the British Steel pension scheme.

Sitting suspended.