The Public Administration Select Committee has further boosted the campaign to compensate 125,000 workers who lost their pensions when their schemes wound up, by stating recent government concessions "have not gone far enough".
It is calling on the government to extend the Financial Assistance Scheme (FAS) to apply to all schemes which began to wind up before the regime brought in by the 2004 Pensions Act came into operation, which would mean including schemes which were wound up by solvent companies, as well as those which were insolvent. In July the PASC held an inquiry into the government’s dismissal of the Parliamentary Ombudsman report ‘Trusting in the Pensions Promise’, in which it supported Ann Abraham’s finding that the FAS was not a sufficient remedy for their losses. Following two court rulings - one...
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