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Tory pensions proposal overturned Tory pensions proposal overturned
(30 minutes later)
MPs have overturned a Lords move to set up a "lifeboat" fund for workers who lost out when their final-salary pension schemes went bust.MPs have overturned a Lords move to set up a "lifeboat" fund for workers who lost out when their final-salary pension schemes went bust.
They voted 303 to 253 against Tory changes to the Pensions Bill, giving the government a majority of 50.They voted 303 to 253 against Tory changes to the Pensions Bill, giving the government a majority of 50.
But some Labour MPs remained critical of the government's stance and urged peers to maintain their opposition.But some Labour MPs remained critical of the government's stance and urged peers to maintain their opposition.
Earlier, ministers acted to head off a rebellion by offering more money to workers whose schemes went bust.Earlier, ministers acted to head off a rebellion by offering more money to workers whose schemes went bust.
'Delays''Delays'
They said they were prepared to move towards providing 90% of entitlements for the 125,000 people affected - up from 80%.They said they were prepared to move towards providing 90% of entitlements for the 125,000 people affected - up from 80%.
Pensions minister Mike O'Brien said the cost could be met by better use of assets still in failed schemes, matched by a further government contribution.Pensions minister Mike O'Brien said the cost could be met by better use of assets still in failed schemes, matched by a further government contribution.
He warned opponents: "If this bill is delayed, payments to pensioners will get delayed too."He warned opponents: "If this bill is delayed, payments to pensioners will get delayed too."
Describing the Lords amendment as "costly, complex and contradictory," he said the Lib Dems and Tories should accept that "their lifeboat amendment has been holed below the waterline and is sinking fast".Describing the Lords amendment as "costly, complex and contradictory," he said the Lib Dems and Tories should accept that "their lifeboat amendment has been holed below the waterline and is sinking fast".
'Position of justice''Position of justice'
The Conservative proposal is for a "lifeboat" scheme to raise the level of compensation for victims of pension schemes which collapsed between 1997 and 2005.The Conservative proposal is for a "lifeboat" scheme to raise the level of compensation for victims of pension schemes which collapsed between 1997 and 2005.
Shadow pensions minister Nigel Waterson said: "It is the pension victims who are already drowning in this situation and I think you [the government] should remember that."Shadow pensions minister Nigel Waterson said: "It is the pension victims who are already drowning in this situation and I think you [the government] should remember that."
Urging MPs to back the lifeboat amendments, he dismissed ministers' claims that victims would get at least 80% of their pensions as "wholly inaccurate and misleading".Urging MPs to back the lifeboat amendments, he dismissed ministers' claims that victims would get at least 80% of their pensions as "wholly inaccurate and misleading".
Labour MP Tony Wright said the government's announcement that it would give pensions victims more help was "welcome".Labour MP Tony Wright said the government's announcement that it would give pensions victims more help was "welcome".
But he added: "I don't think it can be said that we have yet arrived at a position of justice."But he added: "I don't think it can be said that we have yet arrived at a position of justice."
He was one of 16 Labour MPs who voted against the government.He was one of 16 Labour MPs who voted against the government.
Liberal Democrat pensions spokesman Danny Alexander said there was "real and justifiable anger" on the issue:
He added: "I think it is a great shame that Labour MPs didn't have the courage of their convictions to vote through these Lords amendments."