HC Deb 20 January 1969 vol 776 cc12-3
8. Sir B. Rhys Williams

asked the Secretary of State for Employment and Productivity what steps she is now taking to protect the rights in occupational pension schemes of men and women displaced from their employment by takeovers, mergers and the winding-up of their companies.

Mr. Hattersley

The White Paper on the new State pension scheme, to be published on 28th January, will outline the Government's proposals for safeguarding occupational pension rights on change of employment. They are intended to cover loss of employment due to the takeover, merger or winding-up of companies. If the hon. Member has in mind situations in which the pension scheme itself ceases to exist, there are already certain safeguards but consideration will be given to any feasible additional means of protecting members of such schemes.

Sir B. Rhys Williams

Is the hon. Gentleman aware that the recent spate of mergers is making this an urgent problem? Can we have a statement that the transferability of pension rights—including the contributions of both the employer and the employee—will be made statutory? Will the hon. Gentleman also make a statement very soon clearly laying down the method of valuation?

Mr. Hattersley

That is a rather different question, but I hope the hon. Gentleman will be comforted to know that it will be answered in the White Paper to be published on 28th January.

Mr. Hugh Jenkins

Is my hon. Friend aware that the Stock Exchange shows no ability to have either the will or the intention to control its own members? In this situation, would it not be appropriate for the Government to provide that take-overs can be undertaken only in conditions laid down by the Government?

Mr. Hattersley

That is not a rather different but a very different question.