BANKS should fund lost pensions, according to the T&G union.

General secretary, Tony Woodley, says that the banks should pay a one-off windfall tax to fund restitution for workers who have lost their pensions because of company closures.

Speaking at a meeting in Manchester, Mr Woodley demanded Government action to help the victims of "the great pensions robbery".

He said: "Our members at a firm in Gloucestershire learned that, after paying into their company pension for all their working lives, they now face losing almost all that investment.

"The new laws to protect future workers pensions in the future will help workers in the future, but will do nothing for the tens of thousands whose pension funds have already been robbed. We need retrospective protection to put right this injustice.

"Where will the money come from -- some will ask. I can't help noticing that the banks are doing very nicely at the moment -- making £50,000 a minute.

"The same banks which often push companies into bankruptcy -- and are then at the head of the queue to get their money back, leaving workers facing the loss of pensions to look out for themselves.

"Why not a one-off windfall tax on those enormous bank profits to secure funding for pensions justice?

"One minute's bank profit would do for each worker.

"A few weeks' profit and the problem would be nearly cracked."

It is estimated that 60,000 workers have lost all or part of their pensions because of company closures -- a shortfall of around £3 billion.

Legislation proposed by the Government offers protection to future pensioners, but does nothing for those who have already lost their pensions.