PENSION ASSISTANCE FUND

Motion Text

That this House notes that thousands of workers now face real hardship and reduced pension rights in their old age as a result of the fact that their pension schemes were in deficit when their employers' companies went into receivership or bankruptcy; welcomes the decision by the Government to set up a ú400 million Pension Assistance Fund; now calls on the pension industry to accept its moral responsibility for the present problems and to make a substantial contribution to the Government Pension Assistance Fund; and believes that such a contribution is the only way in which the industry can start to rebuild confidence in its products.