Pensions

Workers throughout the UK, including former UEF and Kingsmead workers in Ayr and Cumnock won a partial victory at the European Court of Justice in their battle for compensation for their lost pensions but it still fell short of full re-instatement of their pensions.

Local MP Sandra Osborne explained:

‘The Court's Advocate General ruled that the workers should have had 100% Government protection of their pensions had the Tory Government of the day implemented the 1980 European Directive as member states were required to do. But disappointingly the ruling did not conclude that the Government is now breaking the law by not giving 100% compensation to those who have lost their pensions.'

Sandra continued:

'By bringing in the Financial Assistance Scheme and the Pension Protection Fund for those hit in the future it seems that the Advocate General has been persuaded that sufficient Government action has now been taken. This is not true as the Financial Assistance Scheme is only a partial solution and many people in their fifties will get nothing even though they may have paid into their pension for twenty five years.

I would argue that the Government should take one small but vital step and make the modest increase in the £2.5 billion they have already provided to give those who have lost their pensions 100% compensation and I will be holding further discussions at Westminster on this.'

The legal action will come back to the High Court in London where the Unions will present further evidence in support of their case.