Mr. Robert G. HughesTo ask the Secretary of State for the Environment what proposals he has received from the London residuary body in respect to the transfer of its superannuation fund; and if he will make a statement.
§ Mr. GummerMy right hon. Friend has received proposals from Sir Godfrey Taylor, chairman of the London residuary body (LRB), under section 67 of the Local Government Act 1985 for the transfer to a new corporate body on 1 April 1990 of the superannuation fund and associated functions, rights and liabilities which it inherited on the abolition of the former Greater London council.
My right hon. Friend is minded to accept the LRB's proposals, with certain modifications, and will shortly be commencing consultations with the London boroughs, including the City, and other interested parties over an outline for the transfer of these responsibilities. The scheme proposes the establishment of a new "London Pensions Fund", a corporate body with a membership of between seven and 11 members appointed by my right hon. Friend. It would have an independent chairman, with the remaining board members being drawn equally from London local government and independent sources. It is proposed that the London Pensions Fund would be brought within the scope of local government legislation.
My right hon. Friend will also be seeking views on the establishment of a voluntary consultative committee which he might consult over appointments to the London Pensions Fund.