AN MP who is campaigning to save the pensions of 500 former factory workers is seeking Government assurances that the Pensions Regulator has the resources to protect the public.
Barnsley Central Labour MP Dan Jarvis has raised repeated concerns about the length of time it is taking the Pensions Regulator to complete its investigation into the fate of the pension scheme at Carrington Wire. Around 500 members of the Carrington Wire pension scheme want the Pensions Regulator to take action to save their pensions. Carrington Wire, in Elland, West Yorkshire, 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, Craig Whittaker, the Conservative MP for Calder Valley, 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 Severstal spokesman said: “Throughout Severstal’s ownership of Carrington Wire, Severstal complied with all of its funding obligations in respect of the Carrington Wire pension scheme. Since Severstal sold the business in 2010 we understand that there have been funding issues which are the subject of an investigation by the Pension Regulator which we cannot comment on.”