If he will make a statement on who will be eligible for assistance from the financial assistance scheme.

I refer to my written statement issued this morning, in which I was pleased to confirm that we have published for consultation draft regulations setting out detailed proposals for the financial assistance scheme. The scheme will be a lifeline for thousands of people across the country, so it is essential to get it right—hence the consultation. We have made provision for surviving spouses of scheme members who were within three years of their scheme pension age on 14 May 2004. I am pleased to announce that those people will be eligible to receive payments from the date of the death of the member, regardless of the survivor's age. The scheme will provide support at 50 per cent. of the member's level of assistance. We are also concerned to make sure that people who when they reach 65 have a long-term illness can receive the financial assistance as soon as possible, and we are working towards that end.

But is it not a fact that the financial assistance scheme is payable only at the state pension age of 65, not at the scheme age? That affects thousands of people in the east and west midlands, including some in Hinckley in my constituency, who have early scheme ages. Is this not yet another case of the Government saying one thing and doing something else?

We are now in a position to have a proper conversation—hence the consultation—about the details of a financial assistance scheme, because this Labour Government have said that we will have such a scheme. Similarly, we can discuss the fine details of the Pension Protection Fund. Why? Because despite opposition, we now have a Pension Protection Fund. We looked very carefully at having a financial assistance scheme funded by the taxpayer, and we thought on balance that it was right to have one specific age at which the money would be paid—65. As for eligibility, we have said that those within three years of their scheme-specific retirement age will be eligible. It is a matter of judgment and balance, but I am pleased that we are now putting an end to the scandal whereby workers in this country who worked hard for their companies and families and contributed to their pension scheme saw it all go down the drain when a company went bust. We are putting an end to that, and I hope that the hon. Gentleman will support that endeavour.

If Mr. Tredinnick does not want his constituents to benefit from the scheme, please can that benefit be transferred to my constituents, who are absolutely delighted with the scheme? Will my hon. Friend ensure that there is some publicity at an early date about contact points for people making technical queries about eligibility, because in some cases there has been a loss of information flow between the scheme and scheme members and their families?

Obviously, we have been in communication with hundreds of schemes. We also have a website where people can look up the current developments for themselves. It is important that we not only establish the financial assistance scheme, but publicise it, and we are doing that.

The Minister recently told The Independent newspaper:

"With the £400m, we are confident we can meet the 80 per cent. for those nearest retirement. And then we've got the Spending Review."

Does that not show that the Opposition have been right all along to say that the £400 million in the FAS is woefully inadequate and will be swallowed up by the 15,000 claimants who are at or near retirement? What reassurance can he give to the many thousands of other workers who have also lost their pension rights?

It would be nice to agree with the hon. Gentleman, but sadly I cannot do so. He was wrong when he advised his party not to give a Second Reading to the Pensions Bill. If people had listened, we would not have a Pension Protection Fund that is the long-run answer to this question. Sadly, he was wrong to be cynical, as was Mr. Webb, who said that there would never be a financial assistance scheme. We have set up that scheme and we are now working on the details. We thought that it was right to focus help on those approaching retirement age, and we will consider the finances in the next spending review.