§ Mr. Teddy Taylorasked the Secretary of State for the Environment (1) if he will take steps to provide further protection to beneficiaries of local authority pension schemes against trustees who invest the funds of pension schemes into investments involving undue risk; and if he will make a statement;
(2) if he will issue advice to local authorities about the investment of their pension funds; and if he will make a statement.
§ Mr. Howard[pursuant to his reply, 3 July 1987, c. 194]: The way in which pension funds are invested is of considerable concern to local ratepayers who are required to make good any deficiencies caused by bad investment. My right hon. Friend is concerned about the way in which some local authorities invested fund moneys in the News on Sunday which is now in receivership and is considering whether additional safeguards are necessary.
The interests of employees or pensioners are not directly affected since their benefits are secured by statute.