14 May 2004
Thousands of workers who lost their pensions when their firm went bust will get new help from a £400m fund announced today.
New proposals announced in an amendment to the Pensions Bill will mean £400m of public money will be paid in over 20 years. Further contributions could be made by industry.
Current proposals in the Pensions Bill introduce measures to help people who may suffered as a result of future problems, and cannot help those who have already lost out.
Details of the fund’s operation will be worked out in consultation with stakeholders. Its operation will be reviewed in three years time.
Pensions Secretary Andrew Smith said:
"This will give real help to people who have lost their life savings through no fault of their own.
"I’ve met many of those affected and am convinced that taking action is the right thing to do - it will also be a huge boost to wider confidence in pensions."
The Pensions Bill was published on February 12th 2004.
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