HC Deb 15 July 1992 vol 211 cc801-2W
Mr. Frank Field

To ask the Secretary of State for Social Security (1) if he will take steps to ensure that auditors of pension funds are totally independent of the employer and do not provide other services to the company, its associates or its owner;

(2) if he will propose legislation under which actuaries of pension funds would be required to obtain independent corroboration of the accuracy of the information on which they base the opting-out certificate for the Occupational Pensions Board;

(3) what consideration his Department has given to the proposal that the Occupational Pensions Board should have the power to place the assets of a scheme under the control of an approved trustee if it believes that those assets are at risk;

(4) if he will take steps to ensure that changes in the contributions to pension funds by either employers or employees are quickly notified to each member of the fund;

(5) if he will extend the responsibilities of the Occupational Pensions Board to include supervision of the training of pension fund trustees;

(6) if he will introduce legislation to ensure that the advance authority of a majority of the trustees of a pension fund is required before any transaction with the employer, individual trustees or persons connected with them is permitted;

(7) if he will draw up proposals to establish a pensions tribunal to consider cases of pensions disputes beyond those which are the proper concern of the pensions ombudsman;

(8) what plans he has to extend the responsiblity, powers and resources of the Occupational Pensions Board;

(9) if he will draw up proposals under which pension funds trustees who find themselves in the minority on a trust board would have the right to seek independent expert advice;

(10) if he will draw up proposals under which auditors of pension funds would be required to append a statement to the accounts to the effect that the custody and signing procedures were satisfactory;

(11) if he will draw up proposals to amend pensions legislation to incorporate a practical system of fines and penalties against those who do not comply with the law;

(12) what plans he has to require pension fund trustees to (a) publish the annual report and accounts of the fund within seven months of the end of the accounting period and (b) file the report and accounts with the Occupational Pensions Board;

(13) if he will propose legislation under which the responsibilities of pension fund auditors would be extended to include a review of the trustees' report;

(14) if he will introduce legislation to restrict the freedom of management of companies to wind up pension schemes prematurely and unilaterally.

Miss Widdecombe

I refer the hon. Member to my reply to him on 14 July.

Mr. Frank Field

To ask the Secretary of State for Social Security if he will introduce legislation under which each member of a pension scheme would have the right, to be exercised at least annually, to acquire information on the value of their particular holding in their pension fund's portfolio.

Miss Widdecombe

In its response on 29 June to the Select Committee report on the operation of pension funds, the Government reaffirmed their manifesto commitment to give every member of an occupational scheme the right to an annual statement of the value of their savings.