Labour MP Kevin Brennan today tabled an Early Day Motion in the House of Commons highlighting the plight of Allied Steel and Wire workers and others, who stand to lose their occupational pensions through no fault of their own.  His motion has already attracted the support of 75 other Labour MPs

Said Mr Brennan,

‘In many cases workers who have paid in for decades and were weeks away from retirement are affected. 

Many of these workers were compelled to join these schemes, and were promised that their pensions were 'guaranteed'.  Some were actually in nationalised industries when they joined their schemes.’

Mr Brennan will further highlight the issue in a speech in the House of Commons today.
   
Although the Pensions Bill that has been proposed will ensure that this appalling situation will not happen again it doesn’t make any provision for those already affected.

Mr. Brennan has said that he will table amendments to the Bill if it is published without provision for compensation. 

Many of the MPs who have supported the motion also have constituents affected by loss of pensions through company closures.

The ISTC and Amicus have served notice that they will take legal action under the European Directive on Insolvency unless a compensation scheme is agreed. 

Said Mr. Brennan,

‘This could be avoided with action now, which would also stop workers' pension funds being wasted on near worthless annuities.  Funds could then be used to meet current commitments with no immediate cost to the government, with the compensation scheme coming on stream many years down the line.’