FINANCIAL ASSISTANCE SCHEME (No. 2)

Motion Text

That this House commends the Government for recognising the problem of occupational pension schemes in deficit by introducing the Pensions Protection Fund and the Financial Assistance Scheme (FAS); notes that the FAS has an initial budget of £400 million; suggests that because this sum is to be used for approximately 85,000 employees and former employees in over 160 schemes the fund will have a substantial shortfall; and calls on the Secretary of State for Work and Pensions to bring forward a final payment solution that will remedy the issue as soon as possible.