Queen's Speech: Pension Plans Offers False Hope To Workers - Webb
10.16.22am GMT Thu 27th Nov 2003
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Steve Webb MP, Lib Dem Shadow Secretary of State for Work and Pensions
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The Government's Pension Bill could be offering false hope to workers whose company schemes go bust, Steve Webb MP, Liberal Democrat Shadow Work and Pensions Secretary, said today.
The Pensions Bill was announced in today's Queen's Speech and will plan to set up a Pension Protection Fund to safeguard occupational pension schemes that collapse.
Steve Webb MP said: "The Government's Pension Bill could be offering false hope to workers whose company schemes go bust."
"Workers need confidence that any Pension Protection Fund won't go bankrupt when company schemes fold. It would be criminal if the insurance scheme meant to secure pensions went to the wall."
"The Government's Pension Protection Fund only promises to secure pension schemes from 2005. Compensation must be provided for those who are and will be affected before then."
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