The regulators and press alike are worried that steel workers are being ripped off by advisers who are helping them to transfer their pensions out of the Tata scheme. Advisers are now worried that there’s going to be a huge ‘miselling’ backlash and have stopped helping. But here’s the thing. You’ve worked hard all your life in a job which is quite likely to take its toll on your life expectancy and you don’t trust the company and probably your union further than you could throw a blast furnace. You get the offer of £500,000 or more, almost a lottery win, in your own pot, rather than, say £300 a week of pension? How carefully are you really going to think about giving up a guaranteed income you don’t really believe is guaranteed? And would you be wrong to take the money and run?
