Hain hails settlement for savers whose pensions 'disappeared'
Peter Hain, secretary of state for work and pensions, has hailed the settlement his department has delivered for the thousands of Britons whose retirement savings were lost when their occupational pension schemes collapsed.
Mr Hain described the plans to help the 140,000 people affected by the collapse of a number of workplace pension schemes as a "just and final settlement".
Under the terms of the assistance package, anyone who lost the funds they had accumulated in their occupational pension stands to be allocated around 90 per cent of the total amount set aside prior to the point that their scheme began to collapse.
Mr Hain remarked: "All those who lost their pensions had done the right thing by saving for later life. They played by the rules, only to see their pension savings disappear through no fault of their own."
"I'm delighted that we are able to announce a settlement that will provide justice for the 140,000 people affected when their schemes were wound up, including members of schemes where the company is still solvent."
In response to Mr Hain's announcement, the National Association of Pension Funds suggested that the government must now begin the task of "re-building confidence in the security and value of workplace pensions".
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