Thousands of UK steelworkers victims of pension regulation scandal, says NAO

Some members of British Steel pension scheme have incurred losses of up to 489,000

Thousands of steelworkers were the victims of pension regulation failures that left some with losses of up to 489,000, an official report has found, prompting accusations that the UK financial watchdog was asleep at the wheel".

The National Audit Office's findings relate to a 2017 scandal involving members of the British Steel pension scheme, many of whom were persuaded to transfer their retirement savings by advisers who then pocketed huge fees.