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Latest News

Union calls on Government to boost pensions compensation fund

by Personnel Today 4 Jan 2005
by Personnel Today 4 Jan 2005

 


Treasury promises of £400m to compensate workers for lost pensions could leave them with as little as £160 a year, according to unuion claims.


 


The GMB union has called for a hefty injection of cash into the Financial Assistance Scheme (FAS), the fund set up by government to compensate people whose pensions have been lost.


 


Describing the £400m set aside by the government as a ‘paltry’ sum, the union said it could leave some workers who lost their pensions with as little as £167 per year.


 


GMB general secretary Kevin Curran said: “With the annual cost of Christmas estimated to stand at £813, thanks to a miserly contribution from the Government, the families of some workers will be lucky to have more than a bag of giblets next Christmas.


 


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“The best thing these workers could receive this year is a re-evaluation of the necessary cost of the FAS and a significant injection of cash to compensate them for the loss of some or all of their pension provision,” he said.

 

Personnel Today

Personnel Today articles are written by an expert team of award-winning journalists who have been covering HR and L&D for many years. Some of our content is attributed to "Personnel Today" for a number of reasons, including: when numerous authors are associated with writing or editing a piece; or when the author is unknown (particularly for older articles).

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