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Pensions - Djanogly urges Government action on Pension Scheme wind-ups


26th February 2004

Jonathan Djanogly this week spoke out against the Government's inaction in the face of the crisis in occupational pensions.

Jonathan Djanogly, the Member of Parliament for the Huntingdon Constituency, this week spoke out against the Government's inaction in the face of the crisis in occupational pensions. An estimated 60,000 people are currently affected by the collapse of occupational pension schemes, including some 400 who worked for Samuel Jones in Little Paxton.

David Willetts, Conservative Member of Parliament for Havant, led an Opposition debate in the House of Commons on the subject of pension scheme wind-ups yesterday. He called on the Government to take action to help members of schemes who have lost all or most of their pension entitlement due to the collapse of their pension schemes.

Jonathan Djanogly said:

"It is high time for this Government to take action to remedy the plight people find themselves in, having paid into a pension scheme all their lives, just to find it wound-up from one day to the next with no compensation payable. It gives me great concern to see that in the Huntingdon Constituency alone, approximately 400 members of the Samuel Jones Pension Scheme have been badly affected by the recent wind-up of its occupational pension scheme.

I have met many constituents who spent most of their working lives, building up their pensions within the Samuel Jones Pension Scheme, only to have their retirements ruined by huge losses on their pensions. Action is required.

As a responsible Opposition, the Conservative Party over the last year has consistently pledged its support for Government proposals to tackle the pensions crisis. I have added my name to an Early Day Motion expressing my alarm at the Government's continuing delay in addressing the problem and calling upon it to act now."

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