Unite welcomes government's commitment to pensions’ lifeboat
21st January 2010
Unite, Britain's biggest union, has welcomed the completion of
the Labour government's promise to provide a settlement to workers
who lost their pensions when their employers went bust.
The final phase of the Financial Assistance Scheme (FAS)
regulations was put before parliament late yesterday. The
government will pay out £3.5 billion to around 150,000 people.
Unite spearheaded the campaign for the compensation of workers
who lost all or substantial parts of their pensions when their
companies went into liquidation. The Labour government listened and
acted by introducing both the Financial Assistance Scheme (FAS) and
the Pensions Protection Fund (PPF).
Unite's joint general secretary Derek Simpson said: "The Labour
government has made good on its promise to support workers who lost
their pensions because their employer went bust. The FAS is a
valuable lifeboat for workers who lost all or part of their pension
through no fault of their own. Unite was able to campaign for the
introduction of the FAS because a Labour government was prepared to
listen and act."
ENDS
Email to a friend
