HC Deb 07 June 1993 vol 226 cc8-9
6. Mr. Gunnell

To ask the Secretary of State for Social Security what plans he has for the future of the Maxwell pensions unit; and at what point he will consider its work complete.

The Parliamentary Under-Secretary of State for Social Security (Mr. William Hague)

The Maxwell pensions unit still has an important role to play in assisting the pension scheme trustees, the liquidators and others in their work. We expect such assistance to continue for some time.

Mr. Gunnell

I am sure that the Minister is aware that he has inherited a very heavy responsibility towards Maxwell pensioners, which is also a source of concern to many hon. Members. He will be aware that many thousands of those pensioners have had 18 months of uncertainty about whether their pensions will be met in full. There has been some success in recovering funds. At what stage would the Minister be prepared to guarantee that Maxwell pensioners will receive the sum that they anticipated receiving before the death of Robert Maxwell?

Mr. Hague

I am certainly aware of the depth and scale of the problem described by the hon. Gentleman, and I fully understand and sympathise with the anxieties expressed and uncertainties faced by Maxwell pensioners, many of whom are connected with the Headington plan in the hon. Gentleman's constituency. It is worth reflecting on the enormous progress made during the past year. The long-term gap between the Maxwell pension scheme's assets and liabilities seems likely to be less than £100 million. The scheme trustees have told the Select Committee that they are guardedly optimistic about meeting their pension liabilities in full. That represents a huge improvement on the scheme's position only months ago. There is no question of using taxpayers' money to compensate people for the consequences of fraud, but the Government, the Maxwell pensions unit and all involved have made tremendous progress during the past few months—I hope that they will continue to do so.

Mr. Page

I unreservedly congratulate my hon. Friend on his appointment which, I am sure, will be one of a number of glittering future appointments—

Mr. Skinner

The Minister should make the hon. Gentleman his Parliamentary Private Secretary.

Mr. Page

That would be too much. I pay tribute to the work of the Maxwell pensions unit. Together with the hon. Member for Birkenhead (Mr. Field), I perhaps have the most experience of the work of the unit, which has done a magnificent job in helping the Maxwell pensioners. That fact must not be forgotten by the House. Will my hon. Friend lift his eyes to the horizon to see whether his Department can work on legislation to protect future occupational pensions and protect the innocents of the future from the Maxwells of the future?

Mr. Hague

I thank my hon. Friend for his generous welcome, and I also thank the hon. Member for Glasgow, Garscadden (Mr. Dewar) for his earlier words of welcome. My hon. Friend was right to speak of the outstanding work of the Maxwell pensions unit, which, since it was established, has done a tremendous job in helping to mediate in its investigatory role. My hon. Friend will appreciate that, on the issue of future legislation, the Government can make no commitment until the pension law review committee has reported. We expect its report at the end of September. No doubt my hon. Friend will have representations to make then, to which we shall be delighted to listen.