§ Mr. IrvineTo ask the Secretary of State for Social Security when he proposes to bring into force regulations requiring employers to make good deficiencies upon the winding up of occupational pension schemes.
§ Miss WiddecombeThis provision in the Social Security Act 1990 was closely linked to the provision for limited price indexation on which we have delayed implementation in the light of the uncertainties arising from the Barber judgment. In the light of the Maastricht protocol on Barber, we are considering whether and when the necessary regulations should now be introduced.
§ Mr. IrvineTo ask the Secretary of State for Social Security what steps he has taken to ascertain whether the Occupational Pension Board has fulfilled its duty to ensure that the resources in the pension funds of the companies of which the late Robert Maxwell was a director were and are sufficient to provide guaranteed minimum pensions for beneficiaries who had contracted out of SERPS.
§ Miss WiddecombeThe Occupational Pension Board relies on certificates signed by actuaries to satisfy itself that the resources of an occupational pension scheme used for contracting out of SERPS are sufficient to meet the guaranteed minimum pension liability to its members. Certificates are submitted to the board every three and a half years.
Additionally, in the case of self-administered schemes, an annual statement—signed by the scheme administrator, auditor or trustee—is required concerning the audit of scheme accounts, the receipt of contributions, and any self-investment or concentration of investment.
I understand from the board that the documentation required in respect of the eleven pension schemes in the "Maxwell Group" was received and is in order. I also understand from the board that none of the certificates and statements gives any indication that there was anything wrong with the schemes at the relevant time.