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Read it now: Transfer denial bites steelworkers & IFA slams 'aggressive' CMCs

Read it now: Transfer denial bites steelworkers & IFA slams 'aggressive' CMCs

British Steel pension scheme members who were denied a block transfer have warned of financial hardship as Covid-19 bites.

Financial Adviser's front-page story tells of steelworkers who were denied so-called buddy transfers by British Steel Pension Scheme trustees, despite MPs at the time warning that steelworkers should be allowed to do so. 

As a result, former members of BSPS have not been given the usual rights to access their pension cash between 50 and 54 under the scheme rules; coupled with redundancies occurring because of the Covid-19 crisis, many have called this a devastating double blow to former members. 

Stephen Timms, chairman of the Work and Pensions Committee, told Financial Adviser: "The trustees' decision not to allow the transfers looks questionable" in the light of the ongoing pandemic and economic fallout.

Also in Financial Adviser this week, financial planner Philip Milton warned that claims management companies were circling his own clients - those transferred to him when discretionary fund manager Organic Investment Management went bust last year. These clients - up to 1600 or so - are eligible for compensation but Mr Milton said "aggressive" CMCs have been targeting these clients and offering to recoup their money for extortionately high cuts of the potential payout. 

Elsewhere in the paper, mortgage brokers warned of problems lining up in the mortgage market as high loan-to-value products are pulled, while the insurance industry has produced a white paper outlining ways to prevent spurious and misleading protection adverts from proliferating amid the Covid-19 pandemic.

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Simoney Kyriakou, editor