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House of Commons Hansard
Financial Assistance Scheme
23 March 2010
Volume 508

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I have the honour to present this petition about the many pensioners—hundreds, if not more—in my constituency who are affected by the matter raised. The petition states:

The Petition of residents of the constituency of Stone in Staffordshire,

Declares that pensioners who have lost all or a greater part of the pension due to failed occupational pension schemes have not been properly compensated by the Government under the Financial Assistance Scheme (FAS) due to the failure of pensions regulation, as proven by the Parliamentary Ombudsman and the High Court; that at the very least the Government must provide 90% compensation, which is not eroded by regulations and current FAS failings; that indexation should fully reflect that provided by original schemes; that backdating should be to scheme Normal Retirement Age and not an arbitrary May 2004 cut-off date; that a higher tax-free cash limit should be provided, irrespective of scheme asset share, to be paid on request; that access on early retirement is made irrespective of ill health (with an actuarial adjustment); that recognises the pre-retirement scheme revaluation basis; that has the provision of meaningful benefit projections; that recognises the harmful effects of the earnings cap on long-serving members.

The Petitioners therefore request that the House of Commons urges the Government to ensure those pensioners are properly compensated 90% or more of the true value of their pension through immediate amendment of the Financial Assistance Scheme.

And the Petitioners remain, etc.