Lost Pensions to be Restored by End of Year

Sandra Osborne, Ayr, Carrick and Cumnock MP has met with the Pensions Minister Mike O’Brien following the resolution of the issue of lost pensions which affects over 300 of her constituents. She said:

‘I was delighted at the success of our longstanding campaign to restore the pensions of those who found themselves with practically nothing when their company went bust. In many cases they found themselves jobless only to find that they had also lost most of their pension after paying in to it all their working lives.
However I was keen to find out the detail of the proposals and how quickly those who have suffered can expect to have their pension paid out.
Legislation to bring the funding into force will be put through Parliament in three phases and it is hoped the matter will be completely resolved by the end of the year.

A great deal of effort is being put in to fast track parts of the regulations so that the most important provisions- such as 90% pension paid at normal scheme retiral age and widows benefits  can be paid earlier than that date.

I will be keeping on top of this and ensuring those affected are aware of what is happening as much as I can.’