§ Sir Terence HigginsTo ask the Secretary of State for Education and Employment if she will make a statement on the timetable for the production of accounts for the Astra Group pension scheme for the year ended 30 April 1994 and subsequent years; if she will investigate the way in which the trustees are carrying out their duties; what assessment she has made of the actuarial valuation made(a) before and (b) after privatisation; and if she will make a statement. [16939]
§ Mr. Paice[holding answer 20 February 1997]Production of the company accounts of the former Astra group, and those of its pension scheme are not matters for this or any Government Department, though the Department of Trade and Industry can confirm the statutory timetables set for production of company accounts.
31WThe timetable for production of the Astra accounts is a matter to be taken up with the receivers for the Astra group—Arthur Anderson Ltd, or with the current trustees for the pension scheme—Fountain Trustee Ltd.
It is not appropriate for this Department to investigate the manner in which the trustees of the pension scheme have carried out their duties. If the members of the scheme are concerned that the actions of the trustees, or their advisers, do not comply with legal or professional requirements, then they may consider seeking recourse under a variety of routes.
As the pension scheme in question was established with effect from the date of the privatisation of the Government skiliscentre involved in the Astra purchase, there was no valuation of the fund by the Government Actuary's department before the transfer. The financing of the pension scheme was entirely a matter for the company and the trustees of the pension scheme in conjunction with their actuarial advisors, who are understood to be Coopers and Lybrand.
The Secretary of State is unable to comment further on these issues.