ASW STEELWORKERS' PENSIONS

Motion Text

That this House notes the promise made to the ASW steelworkers to guarantee compensation for pensions that were lost at the time their firm went bust; recognises that in decades of work they paid for 100 per cent of their pensions; further notes that in 2007, those workers agreed to accept only 90 per cent of their pension; further recognises that the Government guaranteed that it would deliver to those workers 90 per cent of the pension for which they paid; acknowledges that inflation since 2007 will have wiped out 25 per cent of the value of a pension issued in 2007; is concerned that the Government has now refused to grant the ASW pensions inflation protected pensions, thereby breaching the guarantee of 90 per cent of a pension, the whole of which should have been theirs in the first place.