SHEPPEY MP Derek Wyatt is campaigning for a better deal from the Government after it announced a £400 million trust fund to compensate victims of the occupational pensions crisis.

The fund would help 60,000 workers, including more than 300 staff at Allied Steel & Wire in Sheerness, who found most or all of their future pensions disappeared when their companies were wound up.

But Mr Wyatt said: “I am thrilled, absolutely overjoyed, but it’s not enough. We need to get it upgraded. We don’t know how the fund will work yet.”

Meanwhile ASW campaigners have given a cautious welcome to the Government’s announcement.

Andrew Parr, a former process control engineer at the ASW Sheerness, who lost most of his pension when the firm went bust in 2002, said: “I give it a very cautious and suspicious welcome. We want to see the detail.”

Mr Parr doubted if the fund would contain enough money to fully compensate all 60,000 workers. He added: “We think there will restrictions which will be unacceptable to us.”

Sally Hayter, wife of former ASW worker John Hayter who belonged to its pension scheme for 28 years, said: “Until we get all the details, we have to be cautious.”

Mrs Hayter, who organises quarterly meetings for the pension campaigners, said: “We want 100 per cent justice. We haven’t ‘lost’ the pensions. We have been robbed.”

Tom Butler, president of the ISTC union’s Sheerness branch, said: “I take the view that we are halfway there. It will take nine months to sort out who is going to get what.”

Mr Wyatt has withdrawn his amendment to the Government’s Pensions Bill, which was due to have its third reading in the House of Commons from tomorrow until Thursday, so that the Government can bring forward its own amendment.

The Government’s Bill previously proposed protecting workers whose occupational pensions were wound up in future, but campaigners want those whose pensions have already disapppared to receive compensation.