Improve the Financial Assistance Scheme for pensioners

Summary

We call on the Government to change the parameters of compensation set out in the Financial Assistance Scheme to end what we see as a miscarriage of justice inflicted on former workforces who lost their pensions when their pension schemes being lost due to employer insolvency. The current scheme only gives people 90% of their accrued pension. Increases linked to inflation are limited to 2.5%. We believe that these pensions should be increased to 100% of what was accrued and also that inflation adjustments should be matched at the actual inflation rate. We think these pensions should be fully restored with their schemes in full pre/post 1997 indexation and backdated to the date they were due to be paid.

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