HC Deb 04 May 1993 vol 224 cc2-3W
Mr. Cousins

To ask the President of the Board of Trade what role his advisers on the Post Office review have had in offering advice on pension funds or schemes.

Mr. Leigh

The work undertaken by the Department's advisers has covered all matters relevant to the structure and ownership of the Post Office, and the prospects for greater competition in the postal market.

Mr. Cousins

To ask the President of the Board of Trade what is the present size of the surplus in the Post Office superannuation scheme.

Mr. Leigh

As recorded in the 1991–92 Post Office report and accounts, at the date of the last full actuarial valuation of the Post Office staff superannuation scheme —31 March 1991—the market value of its assets was £7.887 billion. This was considered sufficient to cover 122.4 per cent. of the benefits which had accrued to members of POSSS and represented a surplus of approximately £1.4 billion at the time of the valuation. The last full valuation of the Post Office pension scheme was at 31 March 1989. At that date, the market value of the assets of the scheme was £47 million; this was sufficient to cover 130.8 per cent. of the benefits accrued to members and represented a surplus of approximately £11 million at the time of the valuation.

Mr. Cousins

To ask the President of the Board of Trade what has been the recent practice, and what are the present intentions, of the Post Office with regard to holidays on employer contributions to the pension fund.

Mr. Leigh

The Post Office has been taking a holiday on its employer contributions to the Post Office staff superannuation scheme since April 1990. The most recent full valuation of this scheme was 31 March 1991. The Post Office has no contributions holiday in respect of the Post Office pension scheme; the last full valuation of this scheme was at 31 March 1989 and a further valuation of the scheme at 31 March 1992 is currently under way. The Post Office's contributions to its pension schemes are made in full accordance with the schemes' trust deeds and actuarial advice.

Mr. Cousins

To ask the President of the Board of Trade what restrictions exist on the transfer of pension fund surpluses from the Post Office superannuation scheme in the event of the privatisation of Parcelforce.

Mr. Leigh

The rules governing all aspects of transfers out of the Post Office staff superannuation scheme and the Post Office pension scheme are contained in each scheme's trust deeds.