Pensions 'lifeboat' set for Lords reading
Plans for the introduction of a "pensions lifeboat" to assist thousands of people affected by company pensions schemes that wound up underfunded will be taken to the House of Lords following a narrow defeat in the House of Commons.
The Conservative party reports that the fund would top up the pension schemes of around 125,000 people affected by failed pension schemes with the use of a loan from the Treasury.
George Osborne, shadow chancellor, said: "It is beyond belief that the government forced Labour MPs to sink a scheme that would offer immediate help to 125,000 people stranded without adequate pensions provision."
He added that the party intended to put pressure on chancellor Gordon Brown by bringing the lifeboat amendment to the House of Lords whereby, if it passes, it will return to the Commons for another vote.
Last week, the House of Commons rejected the lifeboat amendment to the pensions bill by 22 votes.
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