HL Deb 17 November 1998 vol 594 c146WA
Lord Sefton of Garston

asked Her Majesty's Government:

Whether they have had any discussions with the New Towns Pension Fund concerning the division of the surplus in the fund between shareholders and policy holders; and, if so, what view they have formed of this issue as a result of those discussions. [HL3786]

Lord Whitty

The New Towns Pension Fund, like all tax approved occupational pension schemes, is subject to an underlying trust deed, and to the requirements of legislation governing pension schemes. As the Department of the Environment, Transport and the Regions is not a party to the trust deed, it is a matter for the fund's trustees, having obtained the necessary consents from the remaining employer, the Commission for the New Towns, to deal with any surplus in accordance with the trust deed and rules.

We understand, however, that discussions have taken place between the fund's trustees and the CNT over ways in which the surplus might be applied, but that the trustees are seeking to resolve various legal issues first.