17 December 2007
Barrett welcomes pensions U-turn
John Barrett, Liberal Democrat MP for Edinburgh West today, welcomed the news that the Government has finally agreed additional compensation for those who lost their pensions, when their companies went bust.
Today’s announcement by Ministers follows a sustained campaign from workers, MPs and comes after repeated criticisms of the Governments handling of the situation from the Parliamentary Ombudsman.
The new settlement will benefit around 130,000 workers already eligible for the Financial Assistance Scheme (FAS) and another 11,000 workers who are members of failed pension schemes belonging to solvent employers.
John Barrett, said:
“This is no less than these people deserve – what is scandalous is that they have had to wait this long for the Government to take meaningful action.
“It is disgraceful that they have had to wait this long for the security and assurances to which they were entitled all along.”
“This decision would never have been reached without the heroic campaigning of so many pensioners who, for so long, the Government wanted to ignore.
“Given the Government’s record, we will have to watch the small print in today’s announcement, but finally it seems as if Ministers have been dragged kicking and screaming into doing the right thing.”