Franky on Finance

After five and a half years of campaigning by workers (who lost their pension when their company schemes were wound up), criticism from MPs, the Parliamentary Ombudsman and others, the government has finally backed down and now plans to offer more help.  Originally between 10% and 12% of a person’s pension scheme would have been paid out.  But this rescue package worth £2.9bn will payout 90% subject to an inflation-linked cap of £26,000.  Final details of the plan will be confirmed in 2008.  With 141,000 people affected, the question is how long will it take the government to make these much needed payments?