§ Mr. CousinsTo ask the Secretary of State for Social Security if he will take steps to enlarge the power of pension fund trustees.
380W
§ Miss WiddecombeWe have no plans to do so.
§ Mr. CousinsTo ask the Secretary of State for Social Security what representations he has received over the operation of company pension funds.
§ Miss WiddecombeThe Department receives representations from time to time on various aspects of company pension funds.
§ Mr. CousinsTo ask the Secretary of State for Social Security if he will take steps to secure the financial interest of company pension fund beneficiaries.
§ Miss WiddecombeThe Social Security Act 1990 introduced a number of measures to help members of occupational pension schemes. Members will have a statutory right to annual increases for pension rights built up in the future. Schemes will have to use any surpluses to give increases up to a required level. On the insolvency of an employer, an independent trustee must be appointed to look after members' interests on the winding up of a scheme. From 1 January 1991 early leavers will get the whole of their preserved pension revalued.
In addition, a pensions ombudsman will he able to assist individuals who have problems with their occupational or personal pension scheme.
§ Mr. CousinsTo ask the Secretary of State for Social Security what legal or regulatory frameworks exist to control the relationship of a company pension fund to its parent company.
§ Miss WiddecombeMost occupational pension schemes are set up voluntarily by employers as irrevocable trusts and are therefore subject to trust law. In addition, schemes are required to satisfy the statutory requirements laid down by the Social Security Acts and the requirements For obtaining tax approval under the Income and Corporation Taxes Act 1958.