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Money Box

Perfect Pensions Storm

Money Box

BBC

Business

4.2825 Ratings

🗓️ 29 December 2018

⏱️ 26 minutes

🧾️ Download transcript

Summary

More than 2000 steel workers - many of them in the Welsh steel town of Port Talbot - were persuaded to transfer out of their final salary pension scheme. Many now deeply regret their decision, and believe they were mis-advised by"sharks" who descended on the town to take advantage of a period of confusion. Tony Bonsignore hears how the men's lives have been affected, what lessons have been learnt, and whether enough has been done to stop something similar happening again.

Presenter: Tony Bonsignore Producer: Alex Lewis Editor: Richard Vadon

Transcript

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0:00.0

You're about to listen to a BBC podcast, but this is about something else you might enjoy.

0:05.4

My name's Katie Lecky and I'm an assistant commissioner for on demand music on BBC Sounds.

0:10.8

The BBC has an incredible musical heritage and culture and as a music lover, I love being part of that.

0:17.5

With music on sounds, we offer collections and mixes for everything, from workouts to

0:22.4

helping you nod off, boogie in your kitchen, or even just a moment of calm. And they're all put

0:28.3

together by people who know their stuff. So if you want some expertly curated music in your life,

0:35.0

check out BBC Sounds.

0:41.2

BBC Sounds, music, radio, podcasts.

0:43.5

Thanks for downloading Moneybox.

0:47.5

In this edition, Tony Bonsignore travels to South Wales to meet some of the steelworkers who lost tens of thousands of pounds

0:51.3

after being persuaded to transfer out of their company pension scheme.

0:56.1

He discovers what created the conditions for what's been described as a perfect pension storm

1:01.3

and asks whether it could happen again. Hope you enjoy the programme.

1:09.4

Last Christmas, I just didn't know where my money was.

1:13.6

I'd be waking up in the night shivering, you know, like nightmares from it.

1:21.6

My son died two years ago. We haven't did any grieving for my son yet.

1:30.3

I just don't know, can't sleep.

1:32.3

Me and the wife trying to talk.

1:35.3

But I just don't know what to do.

1:41.3

We initially was watching the news. This came about. Myself and my wife looked at each other and I thought, we both thought, well our money's gone.

1:50.0

It's gone.

1:52.0

These are just some of the workers who, between them, transferred around £3 billion out of the British Steel Pension

...

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