Saga - the finance and leisure group for the over 50s - has welcomed the Chancellor's announcement of an additional 6 billion to help the victims of failed pension schemes
"Saga has spoken up loudly and clearly for justice for these 125,000 victims and we are delighted that Gordon Brown has listened," said Director Tim Bull
The company has mounted a powerful campaign to support the pensioners whose schemes were wound up between January 1997 and April 2005 when their companies collapsed.
Saga's pensions justice campaign was the direct result of pressure from customers and Saga Magazine's 1 million readers. It was set up following an article in Saga Magazine which focused on collapsed schemes and provoked a barrage of letters from readers describing financial plight and fears for the future
"The support for Saga's campaign for compensation demonstrated the sheer strength of opinion on the issue. The thousands who have backed our petition and written to our magazine make up a powerful voice that the Government cannot afford to ignore," said Mr Bull.
"We drove home the point that it was common decency to provide an effective level of compensation for people who listened to government after government urging them to save for their retirements.
"The additional money will extend assistance to tens of thousands who were arbitrarily excluded from help under previous rules. But it is disappointing that the Government has fallen short of the European Court recommendation that assistance should be on a par with that offered under the Pension Protection Fund (for schemes that failed after April 2005). That benchmark would deliver 90 per cent compensation with index-linking, rather than the proposed 80% limit."
For further press information please contact the Saga Press Office on: 01303 771529.