Commenting on today’s announcement from Work and Pensions Secretary, Peter Hain, that extra funding will be injected into the Financial Assistance Scheme (FAS), set up to help people who lost pensions when their employers went bust before 2005, Maggie Craig, the ABI’s Director of Life and Savings, said

“Peter Hain’s announcement is good news for the 125,000 people who lost their pensions. The decision to use a mixture of FAS assets and Government funding is the right way forward.”

Notes

1.            Enquiries to:       

         Alan Leaman    020 7216 7440 (Mobile: 07957 482 330)

         Jonathan French   020 7216 7392 (Mobile: 07958 330 480)

         Malcolm Tarling    020 7216 7410 (Mobile: 07776 147 667)

         Erfan Hussain       020 7216 7411 (Mobile: 07712 841 184)

         Kelly Ostler        020 7216 7415 (Mobile: 07968 364 302)      

2.            The ABI is the trade association for Britain’s insurance industry. Its nearly 400 member companies provide over 94% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.

3.            An ISDN line is available for broadcasts.