PARLIAMENTARY EARLY DAY MOTION
LOST OCCUPATIONAL PENSIONS (12 November 2007)

That this House expresses its deep concern about the continued distress of all those affected by the loss of their occupational pensions on wind-up; notes the reports from both the Parliamentary Ombudsman and the Public Administration Select Committee which identify the need for the Government to take the lead in putting together an effective rescue package, as well as the judgment of the High Court; is concerned that the measures introduced so far have been unacceptably slow to deliver relief to the intended beneficiaries and are heavily constrained by the limits on the level of funding available; and therefore calls on the Government to reconsider its opposition and introduce as a matter of urgency a Lifeboat Fund which will combine non-taxpayer sources of additional funding, such as unclaimed financial assets, with taxpayer-funded sources already committed, so as to deliver a more generous and expeditious package of help to those devastated by occupational scheme failures than that available under the failing Financial Assistance Scheme, thus helping to restore trust and confidence in the entire pension system.

Sponsored by:
Mr Nigel Waterson (Conservative)