British Steel pension member - the worst decision of my life?
Money Box
BBC
4.2 • 825 Ratings
🗓️ 16 December 2017
⏱️ 26 minutes
🧾️ Download transcript
Summary
There's concern that thousands of steelworkers and former steelworkers at Port Talbot may have been badly advised to withdraw funds and put them into unsuitable investments. Money Box has learned that six firms have now voluntarily stopped signing up new clients. Money Box's Tony Bonsignore reports from Port Talbot. The programme hears from steelworker Paul who fears he's made the worst financial decision in his life. Megan Butler, director of supervision at the FCA and Michelle Cracknell, from the Pensions Advisory Service, explain the latest details of this complex situation.
The Scottish Government is flexing its muscles over tax. As Money Box previewed last week, its draft Budget this week set out plans for increasing the present three income tax bands to five. Those earning up to £33,000 - will pay less income tax than they do this year. But some on higher incomes will pay considerably more. Stephen Hay, head of tax at accountants RSM joins the programme.
Presenter; Paul Lewis Producer: Lesley McAlpine Editor: Andrew Smith.
Transcript
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| 1:13.1 | Welcome to the download of Moneybox. I'm reporter Tony Bonsignori. |
| 1:16.8 | The bar at Port Taibach Rugby Club in Port Talbot is one of those places you could imagine getting lost in for an entire rugby weekend. |
| 1:24.6 | Warm and cosy and with a terrific selection of rugby memorabilia in a well-stocked |
| 1:28.9 | bar, there's not much to not like about this place. But sadly, that wasn't why I visited earlier this |
| 1:34.7 | week. Instead, it was to hear from worried locals who'd come to get advice on whether they'd made |
| 1:39.6 | a terrible mistake in transferring out of their final salary pension. It's a story which taught me to the Houses of Parliament the very next morning. |
| 1:47.4 | I hope you enjoy the programme. |
| 1:49.1 | Hello, in today's programme, six firms have voluntarily stopped advising workers in the British Steel Pension Scheme |
| 1:55.1 | after intervention by the regulator. |
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