Labour's Pension Plan is very Unequitable

12.00.00am GMT Fri 16th Jan 2009

Local Liberal Democrat Councillor Steve Sharp slammed the government's financial record on behalf of the Liberal Democrats.

Steve said "There is very cold comfort this week for those in our society who have been prudent savers. These latest developments down at Westminster just prove once again that Labour couldn't care less for those who have made responsible financial choices or who wish to provide for their own retirement.

"The Equitable Life scandal hit another low in the last few days. Government Minister Yvette Cooper has been forced to apologise to the million-and-a-half policyholders who lost money. More than eight years after the Equitable closed to new customers, this Labour Government has finally admitted regulatory bodies were partly to blame.

"Now former appeal court judge Sir John Chadwick has been asked to advise how a partial repayment scheme should work. I hope he will recognise that a large number of policyholders have passed away during the time Labour and the FSA have been trying to weasel out of coughing up. Therefore the fair and honourable thing to do would be recompense these families. I doubt very much this is going to happen.

Steve added "I see that 2009 is a continuance of the Labour economic disaster with massive job losses, repossessions on the increase and confidence plummeting in the business community. Yet in the midst of all this turmoil the tax payer is being asked to top up MPs' pension arrangements by a further twenty five percent.

"I think most reasonable people would agree with me that this is a national disgrace when, in the same week, policyholders of the Equitable are being short changed by Labour and tens of thousands of people are thrown out of work due to the economic mismanagement of Gordon Brown and his utterly discredited party."