The pensions scandal Britain forgot
The Story
The Times
3.9 • 1.6K Ratings
🗓️ 18 August 2022
⏱️ 37 minutes
🧾️ Download transcript
Summary
Failed by everyone supposed to protect them, steelworkers were misled into moving £2.8bn out of their final salary pensions. Five years on they are still fighting for compensation.
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Guest: Imogen Tew, senior money reporter for The Times and The Sunday Times.
Host: David Aaronovitch.
Clips: Channel 4 News, GMB.
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Transcript
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| 0:00.0 | A good pension is a joy forever, a guarantee of a decent retirement. |
| 0:12.4 | These sort of pensions are often described as gold plated, the scheme pays a guaranteed |
| 0:17.4 | income in retirement that rises in line with inflation, and if it still work or died, |
| 0:21.7 | it would pay a reduced income to their spouse. |
| 0:26.3 | A bad investment advice can turn a good pension into a poor one. |
| 0:31.2 | I think by the time the maturity date of the pension, they would have lost probably about |
| 0:36.5 | £125,000, yeah. Sounds bad when you see like that. |
| 0:40.7 | This is the story of what happened to ordinary folk who did everything they were supposed |
| 0:44.8 | to, who put their faith in what turned out to be terrible advice and were left quits out. |
| 0:55.9 | The British still pension scandal is something that has been trickling along for nearly five |
| 1:17.0 | years now, but it's something that hasn't ever really come to a close. |
| 1:21.9 | There are still workers who are only truly realising the extent of their losses and what |
| 1:26.3 | happened to them now, hundreds who have not yet been compensated or might not even |
| 1:30.6 | know that they deserve compensation. |
| 1:36.6 | Imagine two is the senior money reporter for the times and the Sunday times. |
| 1:40.6 | I've been a financial journalist for about three years now and I cover mainly pensions. |
| 1:47.4 | An incredibly important but incredibly complicated subject. |
| 1:51.6 | You find out one thing and you learn about it and it opens about seven other doors that |
| 1:55.8 | you've then got to to work out. |
| 1:58.7 | One door image in was opening led to South Wales. |
| 2:03.1 | What we wanted to do really was to go back to the start to speak to some of the still workers |
| 2:07.0 | involved and to try to really document the way that they were let down it virtually every |
... |
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