§ Mr. ColvinTo ask the Secretary of State for Social Security (1) what measures his Department has taken to secure the return of Maxwell pension scheme funds from Credit Suisse to the Maxwell pensioners;
(2) what measures his Department has taken to secure the return of Maxwell pension scheme funds from Lehman Brothers to the Maxwell pensioners.
§ Mr. HagueResponsibility for the recovery of missing Maxwell pension scheme assets rests with the trustees of the pension schemes and the joint liquidators of Bishopsgate Investment Management Ltd.
The trustees of the Maxwell Pensioners Trust have taken an initiative to promote an overall settlement to the many disputes relating to missing Maxwell pension scheme assets. The Government welcome this initiative, which is being taken forward on behalf of the trust by Sir Peter Webster, a retired High Court judge.
Maxwell pensions have been kept in payment while asset recovery work has continued, initially by means of 595W Government emergency funding amounting to £2–5 million. Assistance is currently provided through loans to the pension schemes from the Maxwell Pensioners Trust.