Government has not backed away from its proposed new pension scheme, the Finance Minister assured business and the public last night.

Dr. Grant Gibbons said he was responding to statements from the Progressive Labour Party Leader Jennifer Smith who claimed the pension plan would be delayed.

However Dr. Gibbons said: "I want to reassure the public and the business community that Government has not backed away from or delayed the new pension scheme originally proposed in the National Pensions Green Paper and debated in Parliament last Spring.

"The Throne Speech indicated that Government will introduce pensions legislation in this session and we intend to do just that.'' According to the Throne Speech, the legislation will be introduced to help Bermudians prepare for the next Century when an increasing number of people will be retiring.

"The legislation will be designed to improve pension provision for Bermudians and to facilitate the transfer of pension rights from job to job and to ensure a living wage on retirement,'' the Speech says.

Dr. Gibbons added: "As stated clearly in the original Green Paper all pension plans will have to comply with the legislation.

"For existing pension plans that meet the new standards no changes will be required.

"Existing plans that do not meet the new standards will have five years to come into compliance or be wound up and new plans must be in compliance from inception.''