HC Deb 21 January 1992 vol 202 cc182-3W
Mr. Alex Carlile

To ask the Secretary of State for Social Security if he will establish an advice line in his Department for those pension fund members who may be affected by fraud within or collapse of their pension funds; and if he will make a statement.

Miss Widdecombe

We have no plans to do so. The Occupational Pensions Advisory Service, a voluntary body receiving financial support from the Occupational Pensions Board under section 57B of the Social Security Pensions Act 1975, already provides expert help and advice on occupational pension matters.

Mr. Alex Carlile

To ask the Secretary of State for Social Security (1) if he will make it his policy to require each pension fund to furnish him with an annual statement on the performance of the fund and on the security of its investments; and if he will make a statement;

(2) if he will make it his policy to require pension funds, on inquiry by members and on payment of an appropriate administration fee, to inform members of the application of the fund's investments; and if he will make a statement.

Miss Widdecombe

Pension fund trustees already have a statutory obligation to make available free of charge, on request, the audited annual accounts of the fund to members and prospective members of the scheme, beneficiaries under the scheme and independent trade unions recognised for collective bargaining purposes in relation to members and prospective members of the scheme. The accounts must provide details of additions to and withdrawals from the scheme fund during the year in question and a statement of the assets at market value and the liabilities of the scheme, showing in relation to the assets and distribution of the investments of the scheme between prescribed categories of investment.

In addition, the trustees must make available for inspection free of charge the latest actuarial valuation together with an actuarial statement which includes the actuary's assessment of the security of accrued and prospective rights.

Those with statutory access to the accounts, actuarial valuation and actuarial statement have the opportunity to take such action as they feel appropriate in the light of information available to them.

There are additional safeguards in place for contracted-out salary related schemes. The Occupational Pensions Board is required to satisfy itself from time to time that a contracted-out scheme's resources are adequate to meet its liabilities for guaranteed minimum pensions.

We have no plans to require pension scheme trustees to furnish such information direct to the Department.