WORKERS FACE DOUBLE PENSIONS RIP-OFF - WEBB
9.43.16am BST (GMT +0100) Wed 11th Jun 2003
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Steve Webb MP, Lib Dem Shadow Secretary of State for Work and Pensions
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Commenting, ahead of today's Government statement on pension reform, which is expected to announce a pension fund insurance scheme, Steve Webb MP, Liberal Democrat Shadow Work and Pensions Secretary, said:
"Unless the Government is prepared to act as an insurer of the last resort then pensioners face a potential double betrayal. Without Government backing, an insurance scheme could be crippled by claims from collapsed pension schemes."
"It would be cruel beyond belief to promise salvation only for workers to find that they had been the victims of a double rip-off."
"Shallow plans without foundation are not the way to solve the pensions crisis. The Government has to back up insurance guarantees. It is the only way to ensure that people will have confidence in their pension schemes and their retirement."
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