Pension Funds

Part of Oral Answers to Questions — Social Security – in the House of Commons am 12:00 am ar 2 Mawrth 1992.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Michael Meacher Michael Meacher Shadow Secretary of State for Work and Pensions 12:00, 2 Mawrth 1992

Does the right hon. Gentleman recognise that the banks and the Government have treated Mirror Group Newspapers pensioners extremely shabbily? Will he seek to ensure that the banks hand back the pension fund assets which belong to scheme members and which the banks have no right to keep, given their reckless lending practices? Is not the right hon. Gentleman culpably negligent in that, 20 months after the Social Security Act 1990 became law, he has still not introduced the regulations that would protect pension funds in the event of bankruptcy? Although the right hon. Gentleman has said again—several times today—that he will pay MGN pensioners their guaranteed minimum pension, will he accept that it is a mere pittance, and that if Barlow Clowes group shareholders who knowingly took the risk of speculating offshore can be compensated by the Government, the pensioners in MGN and other pension funds are no less deserving?