The Conservative Party has backed proposals by Labour backbencher Frank Field MP to use unclaimed in...
The Conservative Party has backed proposals by Labour backbencher Frank Field MP to use unclaimed investor assets worth around £15bn as a starting block to compensate workers who lost pension benefits when their companies folded.
Support for Field's suggestion was given by Shadow Work & Pensions Minister Oliver Heald MP yesterday after a meeting with Allied Steel and Wire workers - which saw their firm goes into liquidation last year - and the Pensions Action Group.
Those same workers were left without any pensions benefits when the firm they worked for went to receivership and was bought by another, and has in turn lead government ministers to consider some form of protection for employer-based pension schemes.
Field's Private Members Bill proposes the government use the £15bn listed on the UK Unclaimed Assets Register to endow a fund for employees who lose out in pension benefits when their employer goes under.
Heald argues that workers have lost their pension benefits because the Labour government has reduced the minimum funding protection for schemes introduced by the Tory party.
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