In the Queen's Speech debate on Health and Pensions, Kevin Brennan, the Labour MP for Cardiff West, has called upon the Government to look at the scandal affecting workers of Allied Steel and Wire (ASW) when looking at pension reform.

ASW went into receivership in July, forcing the closure of plants in both Cardiff and Sheerness in Kent. After the company went into receivership, work started on winding up the two final salary schemes. Unfortunately, both funds were seriously depleted.

Pinsent, the independent trustees, have already told deferred members that there will be little left in the pot. Those closest to retirement stand to lose the most.

Mr Brennan said:
‘The situation facing former ASW steelworkers is deplorable. Thousands of loyal workers, who have stuck by the company through thick and thin, have been left high and dry with no pensions provision to sustain them through retirement.

‘1300 workers in Cardiff alone have been affected by this scandal. Instead of security and fairness, they now face the prospect of insecurity and injustice in retirement.

‘I urge the Government to look at this jaw-dropping injustice and do its utmost to ensure that such a travesty will never happen again.