§ Mr. David ShawTo ask the Lord President of the Council what assessment he has made of whether the fees for management of the parliamentary contributory pension fund paid to the public trustee are adequate to ensure timely preparation of the annual accounts.
§ Mr. NewtonThe management fees charged by the public trustee and agreed by the managing trustees are 497W considered sufficient to enable the public trustee to complete his contribution to the work on the annual accounts within a timescale acceptable to the managing trustees.
§ Mr. David ShawTo ask the Lord President of the Council why the accounts of the parliamentary contributory pension fund for the year ended 31 March 1992 were not printed until June 1993.
§ Mr. NewtonAs a consequence of pension awards arising from the general election in April 1992, the Fees Office was not able to agree to the foreword to the accounts and certain parts of the accounts for 1991–92 until 23 September 1992. The public trustee sent the final accounts, which had been substantially audited, for certification by the Comptroller and Auditor-General on 3 December 1992. Further work was undertaken by the National Audit Office such that the accounts were not certified until 18 March 1993 and were subsequently published on 6 April 1993.
§ Mr. David ShawTo ask the Lord President of the Council if he will take steps to ensure that the accounts for the parliamentary contributory pension fund are produced within five months of the financial year end in future years.
§ Mr. NewtonSteps have already been taken to ensure earlier production of the accounts. The current aim is six months, against a seven-month deadline recommended by the Pension Law Review Committee under the chairmanship of Professor Goode, which we fully expect to achieve for years after 1992–93.
§ Mr. David ShawTo ask the Lord President of the Council if he will ensure that the accounts of the parliamentary contributory pension fund are prepared in accordance with best practice in the private sector and adopt appropriate accounting policies and presentation.
§ Mr. NewtonThe format of the accounts is a matter for the managing trustees in conjunction with the Comptroller and Auditor-General. Discussions are taking place to ensure that the accounts are prepared in accordance with best practice. It should be noted, however, that even though they are not covered by the disclosure requirements of the Occupational Pensions Scheme (Disclosure of Information) Regulations 1986, nor by statement of recommended practice 1, disclosure and other relevant information has been made by the managing trustees to all Members.
§ Mr. David ShawTo ask the Lord President of the Council how long after the end of the accounting period the audit for the parliamentary contributory pension fund was completed; and what were the reasons for the time taken.
§ Mr. NewtonThe audit of the 1992–93 accounts is not yet completed, but it is expected to be so within the next week. Whilst the six-months objective will not have been achieved, extra work had to be undertaken by the National Audit Office because of the pensions awarded as a result of the general election at the beginning of that year.