UK - Workers who lost their pension pots when their firms collapsed are stepping up their protests for compensation - despite the government's offer of £400m over 20 years.
Members of the Pensions Action Group, which represents some 60,000 workers who have lost up to 95% of their pensions, say they will continue a barrage of demonstrations and rallies during the coming months.
Spokesman John Hayter – formerly of Allied Steel and Wire – said the government offer was “far too low” and may exclude many of those who have lost out.
“It is a nonsense. This is an acknowledgement that we have been wrongly treated and yet the amount of money they are proposing is insufficient to restore our pensions.”
He added: “We will carry on our fight until we get justice. We were after £75m per annum to cover 60,000 people.
“The government has offered only £20m, which is just not enough.”
Under the proposal, each of the 60,000 workers would receive a pension of £333 a year for 20 years, or £6 a week.
PAG called a candlelight vigil outside St Steven’s Gate in Westminster ahead of this week’s third reading of the Pensions Bill and plan a demonstration at Downing Street on Saturday.
The Trades Union Congress is also pressing ahead with its national “pay up for pensions” rally on June 19 in London.
General secretary Brendan Barber said the government offer was an important victory for union campaigning.
But he added: “The task now is to make sure that each individual who has lost out gets a fair deal from the funds announced.”
The Pensions Regulator (TPR) has set out plans to use "new regulatory initiatives" with over 1,000 schemes as it aims to tighten its regulatory grip and boost member outcomes.
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
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