Private Sector Pensions Debate
Full Debate: Read Full DebateDepartment: Department for Work and Pensions
Jonathan Edwards
Main Page: Jonathan Edwards (Independent - Carmarthen East and Dinefwr)Department Debates - View all Jonathan Edwards's debates with the Department for Work and Pensions
(6 years, 3 months ago)
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Jonathan Edwards (Carmarthen East and Dinefwr) (PC)
As part of the Tata Steel-Thyssenkrupp merger, workers faced the slashing of their pension funds if they joined the PPF or if they joined a new scheme with reduced benefits. Others opted for personal plans, leading to a feeding frenzy of mis-selling. Does the Secretary of State think the steelworkers of Wales were treated fairly, considering that the new company’s annual sales are estimated at £15 billion?
Ms McVey
We have to make sure that we look after people with pensions. We also have to ensure that we keep companies going as a viable concern. At the time, this was deemed to be the best option for the future. We always have to make sure it is the best solution at the time, and we have to secure future legislation to ensure that we have better regulation and better law in place.