§ Mr. MeacherTo ask the Secretary of State for Social Security what assessment he has made of the cost of underwriting the guaranteed minimum pension for the Mirror Group pension fund; and if he has agreed to underwrite the guaranteed minimum pension for the Mirror Group pension fund.
§ Miss WiddecombeIt is too early to make any assessment of the possible costs involved. Existing legislation provides protection for those members of pension schemes who have been contracted out of the state earnings related pensions scheme (SERPS) introduced in 1978. If any scheme is wound up there is a statutory provision designed to protect the guaranteed minimum pension which contracted out schemes are required to provide.