Pension Announcement

Sandra Osborne MP has greatly welcomed the Government’s announcement of a £400million compensation fund for UEF pensioners and others as a huge step forward.

Sandra said:
‘We have established a point of principle in gaining retrospective assistance to make up for the suffering and loss of those who lost their pensions when their company went bust.

I welcome the review after three years when we will know more after people have made claims about what funds are required.  I will however be looking for more detailed information from the Government about whether the assets currently frozen from wind ups will be pooled to add to the fund. 

Finally, I very much welcome the intention to seek a contribution from the companies –Prudential were the major shareholder of UEF and they have a moral obligation to the workers and the Pensions Industry must play their part in restoring confidence.

This is an excellent victory for trade union campaigning and the Ministers who have been working hard for a just deal and have been co-operating with me for over 3 years.  We must now make sure that the fund operates to make sure that the 60,000 people and their families who are currently affected are fully compensated.’