UK pensions inquiry

A MAJOR inquiry into the personal pensions industry is being launched by the British Office of Fair Trading.

It will look at the alleged misselling of personal pensions, which is said to have affected as many as 1.5 million people, and what can be done to improve consumer confidence.

Nurses, miners and emergency services staff are among hundreds of thousands of people who may have been wrongly advised to leave lucrative occupational pension schemes and take out personal plans by commission hungry sales staff.

The OFT is to publish a report next year which may contain recommendations on how problems can be solved.