Liberal Democrat work and pensions spokesman Steve Webb has slammed the Government for failing to produce accurate figures to assess the scale of the problem of pension scheme wind-ups.
Speaking at the Opposition half day debate on pensions Webb used estimates from independent consultant Ros Altmann and the Pensions Action Group that indicate there are around 60,000 victims of pension wind-ups and that compensating them would cost around £100m a year until the Pension Protection Fund kicks in.
Work and Pensions Secretary Andrew Smith conceded the figure for the number of pensioners and workers affected 'seemed to be on the right scale.'
Webb says: “There are estimates. We are not arguing about a blank cheque here. We know the broad order of magnitude. It is not impossible. So are we in principal willing to sign up to the Early Day Motion 200? These workers need more than just sympathy.”