LONDON, Nov 28 (Reuters) – Financial advisers will have to compensate many former members of British Steel’s pension fund an average of 45,000 pounds ($54,418) each for wrongly advising them to move their retirement savings, Britain’s financial watchdog said on Monday.
After the closure of a Tata Steel UK pension scheme, a legacy from previous owner British Steel, steelworkers could choose by December 2017 between moving to a new company scheme or joining a lifeboat known as the Pension Protection Fund (PPF).
But many were advised to take out their money completely and move it into pension schemes which offered no […]
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