ASW STEELWORKERS' PENSIONS

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.