MP says ex-workers 
facing hardship over 
pension probe delays

Barnsley Central Labour MP Dan Jarvis plans to meet the Pensions Regulator Stephen Soper to discuss the case of Carrington Wire, in Elland, West Yorkshire.

Last year, Mr Jarvis and Craig Whittaker, the Conservative MP for Calder Valley, met Pensions Minister Steve Webb and Mr Soper because they were concerned about the length of time it was taking to complete the investigation into the pension scheme at the former manufacturer.

According to Mr Jarvis, the uncertainty caused by the Pensions Regulators’ failure to complete its investigation is causing distress to Yorkshire people who could lose tens of thousands of pounds.

Around 500 members of the Carrington Wire pension scheme want the Pensions Regulator to take action to save their pensions. Carrington Wire closed with the loss of more than 80 jobs in 2010.

Russian parent company Severstal said the decision was due to a contraction in the steel wire market.

In 2010, Mr Whittaker wrote to the Pensions Regulator, calling for an investigation into the position of the company’s pension scheme after Carrington Wire was sold out of the Severstal group.

A spokesman for the members of the pension scheme said that, since the beginning of the month, the “more generous” payments under the Carrington Wire scheme have been reduced to the Pension Protection Fund (PPF) level.

“This is causing serious hardship to people who took early retirement and have not yet reached state pensionable age,” the spokesman said.

A spokesman for the Pensions Regulator said: “The scheme entered the PPF assessment period in February 2013 and, while in the assessment period, pension payments are subject to the restrictions required by legislation. We understand that members may have some concerns in relation to this.

“A complex investigation will often take a significant amount of time, but we remain in regular contact with the trustees of the Carrington Wire Pension Scheme.”