§ Mr. CousinsTo ask the Secretary of State for Trade and Industry what plans he has to review(a) the treatment of company pension funds in company accounts and (b) the control of the assets of such pension funds.
§ Mr. RedwoodThe accounting treatment of company contributions to pension funds is dealt with by SSAP 24 issued in 1988 by the Accounting Standards Committee. In due course, the Accounting Standards Board will be reviewing SSAP 24 as part of its programme of reviewing all standards in existence when the board was created. The control of pension fund assets is the responsibility of the trustees, who have a fiduciary duty to act in the best interests of the members of the scheme in accordance with the deeds and rules. It is for them to take any action necessary to protect the fund's assets.