We call on the Government to change the parameters of compensation set out in the Financial Assistance Scheme to end what we see as a miscarriage of justice inflicted on former workforces who lost their pensions when their pension schemes being lost due to employer insolvency.
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The current scheme only gives people 90% of their accrued pension. Increases linked to inflation are limited to 2.5%. We believe that these pensions should be increased to 100% of what was accrued and also that inflation adjustments should be matched at the actual inflation rate. We think these pensions should be fully restored with their schemes in full pre/post 1997 indexation and backdated to the date they were due to be paid.