Deeside politician welcomes compensation scheme for British Steel pensioners

A compensation scheme for former British Steel workers has been welcomed by Alyn and Deeside Senedd Member, Jack Sargeant.

Jack recently met with the Financial Conduct Authority (FCA) to discuss the redress scheme.

The workers, including those from Alyn and Deeside, will receive an average pay out of £45,000 in compensation.

The scheme comes after a scandal involving members of British Steel’s defined benefit pension scheme, which guaranteed final salary pensions to around 130,000 members.

The FCA stated on their website: “Under the scheme firms will have to review the advice they gave and pay redress to those who lost money because of unsuitable advice.”

The FCA has identified 15 firms who are involved in the misconduct, most of which are associated with the British Steel Action Group.

Jack Sargeant said: “I welcome this redress scheme and the fact that steel workers in places like Alyn and Deeside will receive compensation.”

“I am very concerned that so many workers were given such poor advice from advisors they should have been able to rely upon.”

“It is important to me that lessons are learnt from this episode.”

“I am proud of our steel heritage in Deeside and these workers deserved better.”

The compensation will bring relief to those affected by the scandal and is hoped to ensure such a situation will not arise again in the future.