The Conservative Party would begin making its first compensation payments to people who lost their pensions when their employers went out of business within three months of coming into power.
In a speech to the Conservative Party conference, Chris Grayling, Shadow Secretary for Work and Pensions, said the Conservatives would refloat a proposed life-boat fund for victims of the collapse, and idea which was rejected by Parliament earlier this year.
Confirming the latest Conservative pledge, Grayling says: “We proposed a pensions Life-boat to help bail out those who are struggling. MPs from all parties backed the idea. Gordon didn't. He used the 1911 Parliament Act to sink that Life-boat.”
“Well today I give this commitment to all pensioners who've lost their pensions under Gordon Brown. We will refloat the Life-boat and we will make the first compensation payments to pensioners within three months of taking office.”
Grayling’s spoke on the issue of repairing Britain’s ‘broken society’ and said the collapse of pensions schemes, along with the failure of the Government to give adequate compensation to the victims, was one the UK’s biggest failings.
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