Labour Deny Compensation For Lost Pensions

12.00.00am UTC (GMT +0000) Thu 19th Apr 2007

Commenting on Pensions Bill debate in the House of Commons, Paul Holmes, Liberal Democrat MP for Chesterfield, said:

"The Labour Government has repeatedly tried to restrict compensation to local workers from companies like Dema Glass, Coalite and Chesterfield Cylinders who worked hard to save for security in their retirement but lost their pensions and now face poverty at retirement.

"Yesterday there was an opportunity to finally give proper compensation to people who have suffered since their occupational pension schemes collapsed, but yet again it was blocked by Labour.

"Local Labour MP Natascha Engel may claim that she's doing all she can to help these pensioners but she voted against the establishment of a fund to protect pensions and provide proper compensation to the victims of collapsed schemes.

"The Government has provided a shamefully insufficient Pensions Protection Fund and must now fulfil their responsibility to compensate the victims of this gross pensions theft."

Yesterday's vote on the establishment of a Pension Protection Lifeboat Fund was blocked by the Government by a majority of only 22.