§ Mr. Palmerasked the Secretary of State for Industry which nationalised industries for which his Department is responsible increase the pensions of their employees by the following methods (a) under the statutory obligations of section 59 of the Social Security Pensions Act 1975, (b) under their respective trust deeds as if under the 1975 Act, (c) by fully increasing pensions in other forms, and (d) by awarding discretionary increases.
§ Mr. Michael MarshallFollowing is the information.
Post OfficeMethod (b).British Steel CorporationMethod (c). British Steel Corporation pension increases are related to increases in the retail price index from January to January.British ShipbuildersMethod (d). British Shipbuilders does not yet have a company-wide pension scheme. It has taken over the pension schemes operated before nationalisation by its constituent companies. In some company schemes no increases are paid; in others pensions are increased at the discretion of the company; and in others there are small percentage increases specified in the trust deeds of the schemes before nationalisation.British AerospaceNone of the methods specified. The British Aerospace pension scheme provides for annual increases of 4 per cent. compound, in the balance of pension not increased under the Social Security Pensions Act 1975 unless the increase in the Retail Price Index is less.