§ Mr. MadelTo ask the Secretary of State for Social Security what is the latest position in relation to the recovery of Maxwell pension funds; and if he will make a statement.
§ Mr. HagueThe liquidators of Bishopsgate Investment Management Ltd., which managed Maxwell pension scheme funds, have located and secured assets presently worth some £300 million. The Maxwell pension scheme trustees are now cautiously optimistic about meeting their pension liabilities in full in the long term. Much now depends on claims against third parties. Sir John Cuckney and the Maxwell pensions unit are encouraging all concerned to an early resolution of disputes. They are available to facilitate this process with the consent of the parties concerned.