§ Adam PriceTo ask the Secretary of State for Work and Pensions how Article 8 of the European Directive on Insolvency Rights SO/987/EEC has been enacted in the UK. [82914]
§ Sandra OsborneTo ask the Secretary of State for Work and Pensions when he will implement the obligation in EC Insolvency Directive 8 as it affects pensions schemes. [82973]
§ Mr. McCartneyThe Government meet their obligations under Article 8 of the Insolvency Directive. For example, the Pension Schemes Act 1993 in GB (which consolidated provisions originally in the Employment Protection (Consolidation) Act 1978) provides that certain unpaid pension scheme contributions can be claimed from the National Insurance Fund, through the Redundancy Payments Service, if an employer becomes insolvent. If a claim is successful funds are paid to the trustees of the scheme being wound up. In addition, the Pensions Act 1995 requires salary-related schemes to meet the Minimum Funding Requirement, and provides for a statutory priority order for the distribution of a scheme's assets if a scheme that is required to meet the MFR winds up.