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Tories promise compensation to collapsed pension scheme victims within three months of return to power

The Conservatives kicked off the Party Conference last night by pledging to payback victims of collapsed pension schemes within three months of the Party returning to power, according to reports.

Shadow Work and Pensions Secretary Chris Grayling promised to set up a £30m a year lifeboat fund to help the estimated 125,000 pensioners affected after their schemes collapsed.

At the Conference this afternoon, Grayling said the pensioners would be a priority from day one if the Tories came back into power and promised to right the “outrageous injustice”.

Grayling promised to fund a compensation package by using unclaimed investment assets and said the Tory Treasury would agree to a £30m loan so pensioners could receive their pensions while the lifeboat fund was being set up.

Grayling said: “I give this commitment to all pensioners who have lost their pensions under Gordon Brown. We will refloat the lifeboat and we will make the first compensation payments to pensioners within three months of taking office.”

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