§ Mr. BowdenTo ask the Secretary of State for Social Security what requirement there is on occupational pension funds to include pensioners of such funds on the board of trustees; and in what proportion.
§ Miss WiddecombeThere is no requirement in trust law that occupational pension schemes include pensioners on the board of trustees. The trust deed or scheme rules lays down who is eligible to be a trustee. The Occupational Pension Board considered the inclusion of pensioners in their 1989 report, "Protecting Pensions". They concluded that although this would be desirable, the statutory requirement of a pensioner from a scheme would not provide the most simple or effective means of ensuring that the interests of pensioners are considered.
The committee to review pension law, announced on 8 June, includes in its terms of reference the consideration of the role of trustees and will be taking into account the rights and interests of pensioners, as well as scheme members and employers.
§ Mr. Win GriffithsTo ask the Secretary of State for Social Security if he will publish the latest information available on the number of people in occupational pension schemes whose pensions are threatened because the assets of these schemes are not able to meet the pension payments and future commitments; how many schemes are involved; and what examination has been made of how far problems have arisen because of ineffective management, improper management or some other reason.
§ Miss WiddecombeThere are more than 17 million current members and pensioners of occupational pension schemes. We are satisfied that the vast majority of pensioners belong to schemes which are properly and securely operated. We are currently in close touch with the trustees of Maxwell pension schemes. At present, 240 Maxwell pensioners have not received payments for May and June, and a further 4,000 may face a reduction in their pensions in July. As part of an investigation of Maxwell companies, the Serious Fraud Office is looking into the reasons for the shortfall in their pension funds. However, it is too early to say exactly what happened.