Pensions bill announced

The Government has announced plans to help revamp private pensions provisions in the UK, a subject covered by Panorama last year.

The plan was announced in the Queen's Speech during the state opening of parliament on November 26.

It said: "Legislation will also be introduced to encourage both employers to provide good quality pensions and individuals to save more effectively for their retirement.

"A Pension Protection Fund will be set up to protect employees and pensioners if companies become insolvent."

Panorama reported in the "How Safe Is Your Pension" programme on November 17th, 2002 on the plight of individuals in company pension schemes .

No compensation

It highlighted the plight of the ex-employees of ASW, in Cardiff - who found that when their company went bust, the pensions they were expecting were slashed as well.

And even those reduced pensions are unlikely to be paid for years.

Reporter Vivian White said: "The announcement in the Queen¿s Speech would mean that if "final salary" company pension schemes are shut down in future, the pension rights of the existing workforce would be largely protected.

"But there is no sign yet that the Government is prepared to pay compensation to those to whom this has already happened - like the ASW workers."