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- subject_t:ASW OR subject_t:"Allied Steel and Wire" OR subject_t:"ASW Holdings" OR subject_ses:2695
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To ask His Majesty's Government what representations they have received from former Allied Steel and Wire workers who lost part of their pension entitlement, and what response, if any, have they made.
To ask His Majesty's Government what representations they have received from former Allied Steel and Wire workers who lost part of their pension entitlement, and what response, if any, have they made.
My hon. Friend the Minister for Pensions has met with representatives of Financial Assistance Scheme members, including former Allied Steel and Wire workers, and has heard first-hand how they have been affected by their scheme qualifying for the Financial Assistance Scheme. These meetings follow correspondence from these members, parliamentarians and from members of the Welsh Assembly.
We know that the pension compensation system and the safety net it offers needs to work harder for members. That is why we have brought forward legislation to introduce annual increases on compensation payments from the Pension Protection Fund and Financial Assistance Scheme based on pensions built up before 6 April 1997. These increases will be CPI-linked (capped at 2.5%) and apply prospectively (i.e. to payments going forward) for members.
I am happy to confirm that former members of Allied Steel and Wire will benefit from these changes.
To ask His Majesty's Government what representations they have received from the Welsh Government concerning Allied Steel and Wire pensioners; and what response they have made.
To ask His Majesty's Government what representations they have received from the Welsh Government concerning Allied Steel and Wire pensioners; and what response they have made.
A significant number of Welsh Government ministers have written to the Minister for Pensions regarding Allied Steel and Wire pensioners or raised the issue orally.
Partly in response to Welsh Government representations, Budget 2025 announced that the UK Government will introduce increases on compensation payments from the Pension Protection Fund and Financial Assistance Scheme that relate to pensions built up before 6 April 1997. These will be CPI-linked (capped at 2.5%) and apply prospectively (i.e. to payments going forward) for members, including Allied Steel and Wire pensioners, whose former schemes provided for these increases.
To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential merits of indexing payments from the Financial Assistance Scheme for pensions accrued before 1997 by Allied Steel and Wire members.
To ask the Secretary of State for Work and Pensions, what assessment he has made of the potential merits of indexing payments from the Financial Assistance Scheme for pensions accrued before 1997 by Allied Steel and Wire members.
We are committed to consider what we have heard on this issue. I have heard first hand all the challenges facing ASW workers and others with pre-1997 accrued pensions. However any change in this area has significant implications on public finances for the taxpayer funded Financial Assistance Scheme.
We will continue to work through these important issues with the Pension Protection Fund. The PPF has recently reviewed, and made publicly available, its assessment of the potential impacts of addressing pre-1997 indexation for all the schemes within its remit.
To ask His Majesty's Government what steps they have taken to review the pension provisions of the former workforce of Allied Steel and Wire; and what assessment they have made of the impact of inflation on those pensions.
To ask His Majesty's Government what steps they have taken to review the pension provisions of the former workforce of Allied Steel and Wire; and what assessment they have made of the impact of inflation on those pensions.
The Minister for Pensions has heard how members have been affected by aspects of the Financial Assistance Scheme, including issue of the indexation of pre-1997 pension accruals and we are committed to consider what we have heard on these matters.
To ask His Majesty's Government what plans they have to restore to their full value the pension entitlements of Allied Steel and Wire workers.
To ask His Majesty's Government what plans they have to restore to their full value the pension entitlements of Allied Steel and Wire workers.
The Department recognises that the Allied Steel and Wire pension scheme was among the earliest of schemes to benefit from the Financial Assistance Scheme. The Minister for Pensions met with some Allied Steel and Wire workers and heard first-hand how members have been affected by aspects of the Financial Assistance Scheme, including the issue of the indexation of pre-1997 pension accruals.
The erosion of income due to the high inflation of recent years has led to this matter being considered by the Work and Pensions Select Committee (WPSC) in its recent inquiry into Defined Benefit pension schemes. On 30 April, the Government response to the recommendations in the WPSC’s report was published.
The government will consider and reflect on what we have heard on the issue of Pension Protection Fund and Financial Assistance Scheme rules on the indexation of pre-1997 pension accruals. Any change in this area has significant implications on public finances for both the taxpayer funded Financial Assistance Scheme and for the levy funded Pension Protection Fund. These are complex matters requiring a balanced approach for those receiving compensation, levy payers and taxpayers. This is an important issue and one where we will continue to work with the Pension Protection Fund.
To ask the Secretary of State for Wales, what discussions she has had with Cabinet colleagues on the pensions of former Allied Steel and Wire workers.
To ask the Secretary of State for Wales, what discussions she has had with Cabinet colleagues on the pensions of former Allied Steel and Wire workers.
The Government is committed to supporting both current and retired steelworkers. That is why we are supporting the continuation of steelmaking at Port Talbot and providing up to ÂŁ100million to support the community through this transition.
The Government is aware of the concerns surrounding the matter of indexation of pre-1997 accruals in the Financial Assistance Scheme (FAS), including for former members of the Allied Steel and Wire pension scheme.
Affected members of the FAS have engaged with the Department for Work and Pensions on this issue, and this was a matter considered by the Work and Pensions Select Committee in its recent inquiry into Defined Benefit pensions.
The Minister for Pensions is looking closely at this issue, supported by the Committee’s final report, published in March 2024, which helpfully outlines areas to be considered.
To ask the Secretary of State for Work and Pensions, if he will make an assessment of the real-terms change as a result of inflation in the value of pension payments that were not index linked for Allied Steel and Wire pensioners under the FAS since 2007.
To ask the Secretary of State for Work and Pensions, if he will make an assessment of the real-terms change as a result of inflation in the value of pension payments that were not index linked for Allied Steel and Wire pensioners under the FAS since 2007.
The information required to carry out such an assessment is not readily available and to obtain it would incur disproportionate costs. The Department has therefore made no such assessment and does not intend to do so, at this time.
That this House recognises the 22 year injustice experienced by Allied Steel and Wire (ASW) workers in relation to their pensions; notes that around 1000 ASW pensions were lost in 2002 despite decades of contributions because their employer went bankrupt; acknowledges that despite having paid for 100% of their pensions, ASW workers were only promised 90% of their value by the UK Government; further notes that the Government’s financial assistance scheme fails to protect money paid in before April 1997 from inflation, allowing their value to further erode over time; is concerned that some ASW workers are only receiving half of what is owed to them; welcomes retrospective action beginning to finally right the wrongs of the Horizon Post Office scandal; and calls for the UK Government to similarly address this injustice experienced by ASW pensioners without delay.
That this House recognises the 22 year injustice experienced by Allied Steel and Wire (ASW) workers in relation to their pensions; notes that around 1000 ASW pensions were lost in 2002 despite decades of contributions because their employer went bankrupt; acknowledges that despite having paid for 100% of their pensions,...
To ask the Secretary of State for Work and Pensions, when he last met with former Allied Steel and Wire employees to discuss their pensions campaign.
To ask the Secretary of State for Work and Pensions, when he last met with former Allied Steel and Wire employees to discuss their pensions campaign.
The Secretary of State has not met with the former Allied Steel and Wire employees to discuss their pension campaign. However, the former Minister for Pensions and Financial Inclusion, Guy Opperman, met with members of the Allied Steel and Wire pension scheme on 16 June 2021 to discuss their financial assistance payment.
To ask His Majesty's Government what discussions they have held with former Allied Steel & Wire employees regarding the non-payment of those employees' industrial pensions for the past 21 years.
To ask His Majesty's Government what discussions they have held with former Allied Steel & Wire employees regarding the non-payment of those employees' industrial pensions for the past 21 years.
The Allied Steel and Wire pension scheme was among the earliest of the major schemes to benefit from the Financial Assistance Scheme. The former Minister for Pensions and Financial Inclusion, Guy Opperman, met with members of the Allied Steel and Wire pension scheme on 16 June 2021 to discuss the financial assistance payments they have been receiving, in lieu of their pensions.
To ask the Secretary of State for Work and Pensions, if she will make an assessment of how much (a) Allied Steel and Wire pensioners have received collectively as of 2 September 2022 and since their pension deal was agreed in 2007 and (b) those pensioners would have received collectively...
To ask the Secretary of State for Work and Pensions, if she will make an assessment of how much (a) Allied Steel and Wire pensioners have received collectively as of 2 September 2022 and since their pension deal was agreed in 2007 and (b) those pensioners would have received collectively...
The information required to carry out each assessment is not readily available and to obtain it would incur disproportionate costs. The Secretary of State has therefore made no such assessment and does not intend to do so at this stage.
To ask the Secretary of State for Work and Pensions, if she will make an assessment of the real-terms change in the value of pension payments that were not index linked for Allied Steel and Wire pensioners under the FAS in each of the last five years as a result...
To ask the Secretary of State for Work and Pensions, if she will make an assessment of the real-terms change in the value of pension payments that were not index linked for Allied Steel and Wire pensioners under the FAS in each of the last five years as a result...
The information required to carry out each assessment is not readily available and to obtain it would incur disproportionate costs. The Secretary of State has therefore made no such assessment and does not intend to do so at this stage.
To ask the Secretary of State for Work and Pensions, what assessment she has made of the real-terms change in the value of pension payments that were not index linked for Allied Steel and Wire pensioners under the FAS in each of the last five years as a result of...
To ask the Secretary of State for Work and Pensions, what assessment she has made of the real-terms change in the value of pension payments that were not index linked for Allied Steel and Wire pensioners under the FAS in each of the last five years as a result of...
No such assessment has been made by the Secretary of State.
To ask the Secretary of State for Work and Pensions, what recent assessment her Department has made of the adequacy of the level of pensions paid to former ASW steelworkers.
To ask the Secretary of State for Work and Pensions, what recent assessment her Department has made of the adequacy of the level of pensions paid to former ASW steelworkers.
The Financial Assistance Scheme was created by previous governments and intended to give financial assistance to relevant scheme members, not to provide a complete replacement of any lost pensions.
There are no plans to change the level of financial assistance provided by the Financial Assistance Scheme.
Clauses 125 to 131 agreed to. Schedule 11 agreed to. Clause 132 agreed to as amended. New clause 1 (Auto-enrolment), discussed with new clause 2 (Pensions Advisory Commission), new clause 3 (Employer debt: trustees’ discretion), new clause 4 (Employer debt: deferred debt arrangement), new clause 5 (Review of automatic enrolment), new clause 6 (Occupational pension schemes: review of support), new clause 7 (Regulation of pension superfunds), new clause 8 (Trustees’ voting rights and engagement activities: publication of information), new clause 9 (Duty to publish information on the statement of investment principles), new clause 11 (Pension accounts), and new clause 12 (Duty to state how non-financial factors are taken into account). New clauses 5 and 7 negatived on division (6 votes to 9 respectively). Other new clauses withdrawn. Bill, as amended, to be reported (Bill 208). Written evidence reported to the House.
Clauses 125 to 131 agreed to. Schedule 11 agreed to. Clause 132 agreed to as amended. New clause 1 (Auto-enrolment), discussed with new clause 2 (Pensions Advisory Commission), new clause 3 (Employer debt: trustees’ discretion), new clause 4 (Employer debt: deferred debt arrangement), new clause 5 (Review of automatic enrolment),...
That this House notes the promise made to the ASW steelworkers to guarantee compensation for pensions that were lost at the time their firm went bust; recognises that in decades of work they paid for 100 per cent of their pensions; further notes that in 2007, those workers agreed to accept only 90 per cent of their pension; further recognises that the Government guaranteed that it would deliver to those workers 90 per cent of the pension for which they paid; acknowledges that inflation since 2007 will have wiped out 25 per cent of the value of a pension issued in 2007; is concerned that the Government has now refused to grant the ASW pensions inflation protected pensions, thereby breaching the guarantee of 90 per cent of a pension, the whole of which should have been theirs in the first place.
That this House notes the promise made to the ASW steelworkers to guarantee compensation for pensions that were lost at the time their firm went bust; recognises that in decades of work they paid for 100 per cent of their pensions; further notes that in 2007, those workers agreed to...
I second the request made by my hon. Friend the Member for Cardiff North (Anna McMorrin), who it is great to welcome to this House, about the shameful decision of Tesco, which affects nearly 100 of my own constituents. I also pay tribute to USDAW, which is working to support...
I second the request made by my hon. Friend the Member for Cardiff North (Anna McMorrin), who it is great to welcome to this House, about the shameful decision of Tesco, which affects nearly 100 of my own constituents. I also pay tribute to USDAW, which is working to support...
I thank the hon. Gentleman for that quite wide-ranging question. He is right: there are injustices from the past that this Government, since 2010, have sought to deal with. For example, the contaminated blood situation was absolutely terrible. I had two constituents who suffered from that injustice. Great steps were...
I thank the hon. Gentleman for that quite wide-ranging question. He is right: there are injustices from the past that this Government, since 2010, have sought to deal with. For example, the contaminated blood situation was absolutely terrible. I had two constituents who suffered from that injustice. Great steps were...
To ask the Secretary of State for Work and Pensions, when (a) he and (b) Ministers of his Department last met representatives of Allied Steel and Wire pension scheme members.
To ask the Secretary of State for Work and Pensions, when (a) he and (b) Ministers of his Department last met representatives of Allied Steel and Wire pension scheme members.
No meetings have taken place in this parliament between the Secretary of State for Work and Pensions, or his Ministers and representatives of Allied Steel and Wire pension scheme members.
To ask the Secretary of State for Work and Pensions, how many people received payments from the Financial Assistance Scheme in each (a) parliamentary constituency and (b) government region in the last year; and how many of those recipients were former members of the Allied Steel and Wire pension scheme...
To ask the Secretary of State for Work and Pensions, how many people received payments from the Financial Assistance Scheme in each (a) parliamentary constituency and (b) government region in the last year; and how many of those recipients were former members of the Allied Steel and Wire pension scheme...
The information requested is not collated centrally and could only be provided at disproportionate cost.