Proof That £15bn ASW Compensation Claim is Wildly Exaggerated

2007 Chwefror 26 3:40 PM

Commenting today on the news that leading actuaries, Mercers, have calculated that it would cost just £900m to compensate nearly 1,000 ASW workers and over 100,000 others affected by the Occupational Pensions Saga, Jenny Willott MP said:

"Tony Blair has told the House of Commons twice now that compensating ASW workers and many others for their lost pensions would be an enormous £15bn burden on the taxpayer. But these figures from Mercers, prove that this is incredibly misleading and a wild exaggeration.

"Time and time again, I have been urging the Government to recognise the true cost of compensation which is a fraction of the Government's scaremongering estimates. Even their own figures show that the costs are much lower that those claimed by Government ministers.

"We are winning the argument both outside and inside Parliament. There is now a huge amount of support for ASW workers from all parties and the Government is being put under a huge amount of pressure to come up with a fair deal for lost pensions.

"I hope that the message is finally getting through. People have been through enough. The Government must be open and honest with people and properly compensate all those who suffered so badly from this pensions injustice."

Jenny and her colleagues have tabled the following EDM:

OCCUPATIONAL PENSIONS AND JUDICIAL REVIEW 23.02.2007

That this House notes the High Court judgement that the Secretary of State for Work and Pensions was wrong to reject the Parliamentary Ombudsman's findings of maladministration in her report on occupational pensions; welcomes the Government's intention to review the Financial Assistance Scheme in light of the European Court of Justice judgement; and urges the Government to move quickly to achieve an all party consensus around the provision of a fair and sustainable level of support to those who have lost all or part of their pension.

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