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British Steel pension member - the worst decision of my life?

Growing worries over advice to British Steel pension scheme members. Scotland takes the high and the low road on tax. HMRC bans people from paying their tax bills by credit card.

There's concern that thousands of steelworkers and former steelworkers at Port Talbot may have been badly advised to withdraw funds and put them into unsuitable investments. Money Box has learned that six firms have now voluntarily stopped signing up new clients. Money Box's Tony Bonsignore reports from Port Talbot. The programme hears from steelworker Paul who fears he's made the worst financial decision in his life. Megan Butler, director of supervision at the FCA and Michelle Cracknell, from the Pensions Advisory Service, explain the latest details of this complex situation.

The Scottish Government is flexing its muscles over tax. As Money Box previewed last week, its draft Budget this week set out plans for increasing the present three income tax bands to five. Those earning up to 拢33,000 - will pay less income tax than they do this year. But some on higher incomes will pay considerably more.
Stephen Hay, head of tax at accountants RSM joins the programme.

Presenter; Paul Lewis
Producer: Lesley McAlpine
Editor: Andrew Smith.

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30 minutes

Music Played

  • Pensions At Port Talbot

    Many British Steel Pension Scheme members are worried they鈥檝e made a bad decision

  • Scottish Income tax changes

Related Links

British steel pension scheme members at port Talbot

The Pensions Advisory Service British Steel helpline: 0207 932 9522

British Steel Pension Scheme helpline: 0800 085 7264

Financial Ombudsman Service 0800 023 4567

Six firms named on Money Box must cease all Defined Benefit pension transfer business immediately

The six named firms are

Active Wealth (UK) Ltd (FCA reference number 631415)

Mansion Park Limited (FCA reference number 209313)

Pembrokeshire Mortgage Centre Ltd (FCA reference number 479220)

Retirement & Planning Services Ltd (FCA reference number 542640)

Vintage Investment Services (FCA reference number 142806)

West Wales Financial Services Limited (FCA reference number 756482)


New Scottish tax bands

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  • Sat 16 Dec 2017 12:04
  • Sun 17 Dec 2017 21:00

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