Jonathan Djanogly, the Member of Parliament for the Huntingdon constituency, today welcomed the announcement by the Minister of State for Work and Pensions, of the details for the Pensions Financial Assistance Scheme.
Under the proposals (to be fast-tracked implemented) there will be 90% compensation payments from normal retirement age.
Mr. Djanogly said:
"We now have confirmation of the Government's intention, originally announced on 17 December 2007. More than 140,000 victims, including a significant number of my constituents based at Samuel Jones, were facing less pension and penury in retirement. Many of these employees put their entire life savings into one company pension scheme, believing that they were protected by law.
It has been a long campaign to seek justice for the pensioners, and campaigners (who were strongly led locally by Alan Marnes) had to battle against Ministers who long argued that it was not the Government's responsibility to sort it out.
After a five year battle, sense and fairness has prevailed - this is a great victory for the campaigners."