Memorandum submitted by Dave Baker (PE 22)
Financial Assistance Scheme Changes
The announcement by the Pensions Minister Mr P Hain that ALL members of company pension schemes in wind-up are now to receive compensation through the FAS is very welcome.
My own scheme, Sifam Ltd, has until now been totally excluded as the company is still solvent, so it is a massive relief to know that I and my work colleagues will now received 90% of the accrued pension.
May I respectfully ask that the FAS amendments are included, as a matter of urgency, in any discussions taking place in Pensions Bill Committee meetings.
The thousands of people like me who have been dreadfully affected by the loss of their pensions are relying on Parliament to sort this out once and for all. After six years of fighting we need this legislation to be put forward so that the money will be forthcoming ASAP. Only then will we be able to put this worry behind us and get on with what is left of our lives.