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Point of Order

Volume 633: debated on Tuesday 12 December 2017

On a point of order, Mr Speaker. The deadline for members of the British Steel pension scheme to decide whether to join their new employers’ scheme, to have their pension paid through the Pensions Protection Fund or to make personal arrangements is all but upon them. The House will share my concerns over rogue advisers who are cold calling scheme members and attempting to part them from their hard-earned pension pots with a series of elaborate get-rich-quick schemes. One that I have heard of costs 5% of the pension pot immediately and is littered with high costs, with a further 5% fee if the person cancels their arrangement. The Financial Conduct Authority has been in steel areas trying to alert scheme members to the dangers, but more needs to be done. Mr Speaker, are you aware of any plans by Ministers to make a statement and outline to the House what the Government are doing to ensure that British Steel pension scheme members are properly protected?

I thank the hon. Gentleman for giving me notice that he wished to raise this matter. I am bound to say that I have not received any indication that a Minister intends to make a statement on this matter in the Chamber. That said, I appreciate that it is a matter of considerable concern to the hon. Gentleman and his constituents. My understanding of that fact is enhanced by the examples that the hon. Gentleman has just furnished to the House. Moreover, it may well be a matter of considerable concern to other Members, too. The hon. Gentleman has succeeded in putting his concern on the record and I trust that it will have been heard on the Treasury Bench. The hon. Gentleman is a person of considerable ingenuity and no little experience in the House, and I rather sense that he will lose no opportunity to air his concerns again in the coming days.