Thousands of honest, hardworking steelworkers in my Aberavon constituency and across the country were left exposed to opportunistic and unscrupulous financial advisers. They sought to exploit the steelworkers when they were forced to decide whether to move to the British Steel Pension Scheme 2 or transfer out into another pension scheme. So far £1.8 million in compensation has been paid out to 61 steelworkers who have been missold pensions. But this is just the tip of the iceberg. Around eight thousand steelworkers transferred out and more than half received unsuitable advice. In a Westminster Hall debate on the scandal I set out how we can get justice. Continue reading
I, along with Tonia Antoniazzi MP, Nick Smith MP and Philippa Hann of Clarke Willmot, had a very important meeting with The Financial Conduct Authority's Andrew Bailey. Hundreds, maybe thousands, of steelworkers have been victims of pension miss-selling at hands of rogue financial advisers. We will keep supporting them to come forward.
In this years St David's Day debate I decided to speak about the UK Shared Prosperity Fund, steelworkers pensions, steel procurement, Personal Independence Payments and of course Banksy! Continue reading
I attended a public meeting in the Twelve Knights about advice given to members of the British Steel Pension Scheme to transfer out of their final salary pension. Steelworkers were exposed to opportunistic and unscrupulous advisers who swooped in like vultures, exploiting the situation for their own financial gain. Continue reading
NOTIFICATION OF A PUBLIC MEETING FOR ALL THOSE WHO FEEL THEY MAY HAVE BEEN MIS-SOLD A PENSION TRANSFER IN AND AROUND PORT TALBOT Stephen Kinnock MP is attending a public meeting at the Twelve Knights Hotel in Margam, Port Talbot at 1530 on 1 Feb 2019 to discuss fresh and emerging concerns surrounding financial advice given to members of the British Steel Pension Scheme (BSPS) to transfer out of their final salary pension. Concerns have been highlighted by the Regulator, the Financial Conduct Authority (FCA), which conducted a major review last year and found that the majority of cases to transfer out of a final salary pension were unsuitable. Continue reading
It was amazing to be shown around the iconic Blast Furnace No 5 at Tata Steel. Vital repair work to extend the life of the blast was being carried out by a dedicated team, so there was a short window of opportunity to go inside the blast furnace and see the fascinating work that was being done. The work is incredibly complex and difficult but it's crucial work which will make such a difference to the steelworks. This £46 million investment is critical for the future of the works and for Aberavon. Continue reading
It was great to visit the steelworks in Port Talbot and wonderful to see the timeline of the history of the site dating back to 13th century, followed by visit to Concast & the BOS plant. There is a long tradition of steel making in Port Talbot and the timeline shows the centuries of development of the steel making industry and how integral it is to the town. It was a real privilege to see the highly skilled workforce delivering an outstanding product for British industry. Continue reading
The British steel industry is hobbled by punitive energy costs (far higher than in Germany, France & Netherlands). In January 2017 the all party group on Steel produced 'Steel 2020', with recommendations on how to reduce costs. Claire Perry promised she'll read it. Looking forward to her feedback! Continue reading
During a Westminster Hall debate, secured by my colleague Anna Turley, I called the closure of the blast and coke ovens in Redcar an action of industrial vandalism which led to the loss of a strategic asset for our country. Continue reading
Do you like this page?