Hemel MP Mike Penning speaks in Commons debate calling for support for House of Lords 'lifeboat fund'.

Dexion pensioners lost out again last week when the Government rejected a House of Lords amendment to the Pensions Bill to set up a 'Pension Protection Lifeboat Fund' for victims of collapsed company pension schemes. The amendment was lost 303 votes against to 253 for.

During his speech to in the House of Commons, Hemel Hempstead MP Mike Penning urged MPs to support the Lords amendment. He told them:

"I say to hon. Members that tomorrow morning they will have to look in the mirror and stare at someone who voted in a certain way tonight. Can we in all conscience not support these people so that they get the help that they need today?"

After the vote, Mike said:

"It is a great tragedy that people who worked hard all their lives and saved into a pension scheme have lost out in this way. The Government was presented with a workable solution – supported by the House of Lords – and still won't listen."

"It is sickening when decent, honest, hardworking people are let down in this way. To be honest I can’t really understand it, it could be a quick-win for the Government at no cost to the taxpayer. It almost seems like politics for politics sake."

"I worry also about the effect this has on pension take-up for the future. Many people I talk to are confused about pensions and as a result doing nothing. This is a worrying trend."