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30/06/2004
Tens of thousands stung by pension collapses
Up to 65,000 people have lost at least a fifth of their expected pension benefits from under-funded schemes wound-up by insolvent employers, the government has revealed today.
Research by the Department for Work and Pensions also found that within that this figure: at least 60,000 people lost 30%; 50,000 lost 40%; and 35,000 lost 50%.
The study was compiled following government "concerns" that some individuals have "suffered a great deal" through no fault of their own.
In May the government announced the setting up of a £400 million Financial Assistance Scheme (FAS).
Secretary of State for Work and Pensions Andrew Smith voiced his hope that industry will play its part by making a contribution to the scheme.
He added: "The new scheme aims to help those workers who through no fault of their own have lost a sizable amount of their own pension. I have met with a number of people who have experienced terrible anxiety as a result and it is these people I want to help. This research takes us another step along the road to doing exactly that."
Data for the study was collected from some 250 final salary schemes.
(gmcg)
Research by the Department for Work and Pensions also found that within that this figure: at least 60,000 people lost 30%; 50,000 lost 40%; and 35,000 lost 50%.
The study was compiled following government "concerns" that some individuals have "suffered a great deal" through no fault of their own.
In May the government announced the setting up of a £400 million Financial Assistance Scheme (FAS).
Secretary of State for Work and Pensions Andrew Smith voiced his hope that industry will play its part by making a contribution to the scheme.
He added: "The new scheme aims to help those workers who through no fault of their own have lost a sizable amount of their own pension. I have met with a number of people who have experienced terrible anxiety as a result and it is these people I want to help. This research takes us another step along the road to doing exactly that."
Data for the study was collected from some 250 final salary schemes.
(gmcg)
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