ASW: Workplace Pensions
The question
To ask the Secretary of State for Wales, what discussions she has had with Cabinet colleagues on the pensions of former Allied Steel and Wire workers.
Answered by Jo Stevens
The Government is committed to supporting both current and retired steelworkers. That is why we are supporting the continuation of steelmaking at Port Talbot and providing up to £100million to support the community through this transition.
The Government is aware of the concerns surrounding the matter of indexation of pre-1997 accruals in the Financial Assistance Scheme (FAS), including for former members of the Allied Steel and Wire pension scheme.
Affected members of the FAS have engaged with the Department for Work and Pensions on this issue, and this was a matter considered by the Work and Pensions Select Committee in its recent inquiry into Defined Benefit pensions.
The Minister for Pensions is looking closely at this issue, supported by the Committee’s final report, published in March 2024, which helpfully outlines areas to be considered.
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