Concerns remain over British Steel pensions scandal - The Yorkshire Post says

The Public Accounts Committee gathered for a hearing on the British Steel Pension Scheme scandal, after an announcement last month that savers could be compensated if they were poorly advised to switch their pension pots.

Having taken advice from financial advisers, more than 7,800 steelworkers collectively transferred about £2.8bn from the firm’s scheme when it was restructured in 2017 and ended up losing significant sums.

The Financial Conduct Authority (FCA) has since said that close to half of all the advice it had reviewed turned out to be unsuitable, and that compensation worth £71.2m could be delivered to those who were unsuitably advised. That cannot come too soon.

However the session heard from Philippa Hann, managing director of financial litigation at Clarke Willmott, who warned the committee that there was a “huge inadequacy of compensation” among those who have suffered losses of hundreds of thousands of pounds.

As with the many miners who descended Yorkshire’s pits, steel was once dirty, hot, sometimes dangerous work. It was also highly skilled. Sheffield, of course, has become world renowned for being Steel City, though many of those affected by the pensions issue are said to be Welsh.

The pensions of these people are so deserved, not just for the workers themselves but their families, who should benefit in the event of an early death. It is only right that those who have toiled many years for a restful retirement get just that.