HC Deb 25 May 1984 vol 60 cc598-9W
Mr. Hayward

asked the Secretary of State for Trade and Industry whether the Government have yet decided on the form of special incentive they will offer telephone subscribers in the notation of British Telecom.

Mr. Kenneth Baker

Yes. We have decided in principle to go ahead with the voucher incentive referred to in my right hon. Friend's statement on 2 May. This will take the form of giving individual investors vouchers of a fixed amount which can be offset against their quarterly telephone bills over a limited period ahead. The number and value of the vouchers received by an investor will be related to the amount invested at the time of flotation and held over the period, subject to a maximum. We believe this offer will give telephone subscribers an incentive to hold a stake in, and benefit from, the service provided them. We are still considering the details of the offer. A full statement will be made closer to the flotation.

Mr. Hayward

asked the Secretary of State for Trade and Industry what arrangements will be made to enable British Telecom pensioners to acquire shares in the company when it is privatised.

Mr. Kenneth Baker

Pensioners of the BT staff superannuation scheme who are in receipt of a pension at the time of the flotation will be given the opportunity to apply for shares on special application forms giving them the right to preferential allocation of shares. Pensioners will be contacted with details at the appropriate time.