Shadow pensions secretary David Willetts is hitting out at what he calls the Government “failure” to help the estimated 60,000 victims of pension wind-ups.
Willetts will be challenging the Government's stance on windups at a debate tomorrow at Westminister Hall, entitled Crisis in Pension Scheme Windups.
He says ministers have described the early 2005 projected start date for the pensions protection fund as “very challenging”, however, an estimated 60,000 people have already lost part or all of their pension, a number that is constantly increasing as more firms “go bust”. He believes the Government should establish how many people have lost pensions from the crisis and by how much, saying it will be pushing for a solution that is “workable and fair to the taxpayer”.
Willetts says: “We have supported Frank Field's proposals which call for unclaimed assets in bank and building society accounts to be used to cover the cost of compensation but this was blocked by the Government.”