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British Government Reportedly to Cover Plundered Pensions

June 08, 1992| Reuters

LONDON — Britain's government will offer temporary financial help to pensioners who lost their money when the late media tycoon Robert Maxwell raided their pension funds, the Press Association reported Sunday.

The British national news agency, quoting a government source, said Social Security Secretary Peter Lilley would announce the offer in Parliament today.

It said the multimillion-pound package would pay owed pensions in full until investigators track down and secure the missing money.

The Independent newspaper reported that the government would also press banks to compensate pensioners since missing assets were thought to be in accounts controlled by British banks.

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