Pensions consultant Ros Altmann is urging Labour MPs to vote with their consciences today for the cross party amendments to the Pensions Bill that offer more help to the victims of occupational scheme collapses.
Altmann says Labour MPs need to recognise the urgency of approving these proposals to ensure a fair and final resolution to the “scandal of pension scheme wind-ups”.
She insists if the vote was conducted as a secret ballot there is no doubt the amendments would be adopted.
Altmann says the Young Review, published yesterday, endorses the amendments calling for a halt the annuitisation of every scheme affected, making better use of existing scheme assets, finding unclaimed assets for a lifeboat fund, making an emergency loan for the lifeboat fund and transferring administration of the failed schemes to the Pension Protection Fund.
She says: “I just hope Labour MPs see sense tomorrow and force through a quick end to this shameful episode, to end the suffering that is going on every day.
In the last month, two of the victims that I know have died. Waiting more months or years for a PPF solution will mean more die before they get justice. Now is the time – MPs have a chance to really make a difference to these people. I hope they are brave enough to stand up for decency and honesty. It would be very sad if party politics prevented MPs from doing the right thing tomorrow.”