It was in late 2017 that I first raised concerns around a pension scandal brewing in South Wales.
Steelworkers were facing big decisions about whether to transfer their pots, and pension sharks were swarming.
I had been contacted by an ex-steelworker constituent who was suspicious about the guidance he had been given by an independent adviser.
The financial press began writing about reports of high-pressure sales tactics, scaremongering and mis-selling. It became clear that rogue advisers were taking advantage of the new ‘pensions freedoms’ and the trouble at Tata Steel to talk steelworkers into making bad financial decisions, often about huge sums of money.
Around 8,000 steelworkers transferred out and we now know that just one fifth of those transfers were suitable.
Over the last five years I have led the campaign, fighting to bring this injustice to light and to try and put things right for those affected.
It has been like pulling teeth at times. But this year we have seen some big steps forward.
The National Audit Office investigation I instigated took place earlier this year and the redress scheme I pushed for is currently under consultation.
A few weeks ago the Public Accounts Committee, of which I am a member, published its report into the regulator’s handling of the scandal and it confirmed what I have been saying. The steelworkers were treated badly, and the Financial Conduct Authority failed to protect and support them.
I hope we are now entering the final stretch of putting this scandal to bed. Steelworkers need a redress scheme that is as fair and comprehensive as possible, and then we need to make sure those responsible are held to account.
I will also be seeking to amend a Bill in the autumn to give regulators bigger teeth to deal with rogue advisers in future.
There was good news for ex-miners recently. Thanks to our campaigning, alongside the trustees, the Treasury agreed to bring forward Bonus Protection for the Mineworkers Pension Scheme meaning that, from this autumn, miners’ pensions will increase by 11 per cent rather than four per cent.
This is another of the campaigns I have been a part of, fighting for miners to get a fairer share of their pension pot.
The Tory government is still refusing to budge on this, maintaining that the deal is fair.
What former miners need now is a Labour government that will finally end the 50/50 surplus sharing arrangement and return the £1.2bn investment reserve to them.
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