HC Deb 13 June 1974 vol 874 cc1820-1
23. Mr. Palmer

asked the Chancellor of the Exchequer if he will introduce legislation to bring under stricter public supervision the investment policies of the nationalised industries pension schemes.

Mr. Joel Barnett

No. It is already the legal duty of trustees of pension funds in both public and private sectors to safeguard the interests of actual and potential beneficiaries.

Mr. Palmer

Is my hon. Friend aware, however, of the considerable disquiet that is felt by the employees of nationalised industries about the uncertain nature of many investments in property companies? As it is 25 years since the statutory considerations governing the operation of nationalised industry pension schemes were drawn up, is it not about time that they were considered again?

Mr. Barnett

I have no reason to believe that the trustees of nationalised industry pension funds are any better or any worse advised than those of other pension funds. Generally they are advised by the same people.

Mr. Tom Boardman

I am not asking the Chief Secretary to supervise these funds in any way, but does he not agree that the policies of the Government of which he is a member have knocked tens of millions of pounds off the value of the pension funds of the nationalised industries?

Mr. Barnett

It was the policies of the previous Government in their competition and credit control that did that.