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04-Apr-08 11:15 [Pensions]
Employees could receive pensions pay-out People who lost savings due to the pensions scheme of a Hartlepool-based company being wound up, may receive a pay-out.
Approximately 1,230 people working for Expamet lost savings because of the winding up of the scheme, but have received hope from ministers who say it is eligible for the Financial Assistance Scheme.
Mike O’Brien, minister for pensions reform, said: "It's very worrying for people when their final salary pension winds up under-funded and they don't know how much of their pension they will receive."
Previously the funds from the Financial Assistance Scheme could only be given out to staff of companies which had gone out of business, but it can now come to the aid of staff at solvent firms.
Expamet is one of six schemes which are being admitted into the Financial Assistance Scheme. The company was founded in 1889 and supplies metalwork to factories in the UK and the United Arab Emirates.
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