NEWS
RELEASE

"Public confidence in the pensions system has clearly taken another knock following the publication of this report.

"Whatever action the Government now decides to take, it must not ask business to bail out the Financial Assistance Scheme. This is a Government initiative and should be funded with Government money. Companies are already finding over half a billion to support the Pensions Protection Fund and are still unclear how much this will cost year on year.

"Further costs will only put viable pensions schemes at risk."