ASW PENSION SCHEMES, SHEERNESS AND CARDIFF

Motion Text

That this House notes that ASW was put into receivership in July 2002; further notes that KPMG, the receivers, placed the ASW Sheerness and Cardiff pension scheme into administration with Pinsents of Birmingham; suggests that the current pension laws are irresponsible, unethical and unfair, as they only protect those employees who have retired at the expense of the current employees and other non-retired members; notes that consequently the 1000 employees who were employed up to the day of receivership, 35 per cent. of whom have over 25 years service, immediately lost access to their pension rights and will suffer a major reduction in their pension income when they retire; and consequently calls for a special pension fund allocation to be created by the Treasury or the Pensions Compensation Board to help current employees and other non-retired members who have suffered through no fault of their own when their company has been placed into receivership.