ALLIED STEEL AND WIRE PENSIONS

Motion Text

That this House notes the bankruptcy of Allied Steel and Wire (ASW) in 2002 and the deficits of its company pension schemes; is deeply concerned for the welfare of the members of these schemes who have lost, in many cases, the majority of their pensions; is deeply critical of successive governments' failure to put in place proper advice and protection to ensure that such pension schemes were adequately funded and protected; notes the decision by Amicus and community trade unions to take the matter to the European Court of Justice on behalf of its members and former employees of ASW; and urges the Government to settle the dispute to avoid any further distress and financial insecurity to the former workers of ASW.