§ Mr. Andrew SmithTo ask the Secretary of State for Social Security what is his most recent estimate of the gap between assets and liabilities of(a) the Maxwell pension funds in general and (b) the AGB fund; and if he will make a statement on current and prospective provision for Maxwell pensioners.
§ Mr. HagueOn the basis of information supplied by the pension scheme trustees, the Maxwell pensions unit estimates the current overall gap between the assets and liabilities of the Maxwell pension funds to be £380 million. Included within this figure is £25 million in respect of the AGB pension scheme. Some of the scheme trustees are in the process of updating their scheme records and refining their liability figures.
This Department is currently paying over £3 million per annum in guaranteed minimum pensions to Maxwell pensioners. The Maxwell Pensioners Trust has kept pensions in payment while assets recovery work continues.