PENSIONS PROTECTION AND COMPANY INSOLVENCY

Motion Text

That this House notes with alarm the pensions crisis currently affecting former workers of Allied Steel and Wire at Cardiff and Sheerness, Irish Fertilizer Industries at Belfast and United Engineering Forgings at Ayr, and potentially involving dozens more companies experiencing trading difficulties and with significant shortfalls in their final salary schemes; expresses its solidarity with workers who see their pension entitlement reduced to a fraction through no fault of their own; calls on the Government to fully implement Article B of the European Insolvency Rights directive which requires member states to guarantee pension scheme members' rights in failing companies; and further calls for compensation for those workers who have been unfairly treated by their employers and by the Government in its failure to meet its legal and moral obligations.