Early day motion tabled by primary sponsor Eddie Loyden (Labour), on Monday, 16 December 1996, in the House of Commons. It is signed by 67 members in total.

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B.E.S.T. PENSION SCHEME

That this House notes the determination of the Pensions Ombudsman dated 6th September 1996, which stated that an amendment to the winding-up clause of the BEST Pension Fund, which transferred a surplus of ??168 million to the Department of Transport, was 'obtained through a breach of the company's duty of good faith and through a threat to commit a fraud on a power' and his direction that the New Trustee should take 'without delay, all practicable steps to obtain the return of the monies with interest at an equitable rate'; further notes that this raiding of the pension fund surplus has effectively deprived the former employees of the National Bus Company of much-needed improvements to the pensions to which they contributed during their working lives; is deeply concerned that the Secretary of State for Transport is unwilling to comply with the Trustee's request to return their money without the Trustee, a civil servant in the Department of Transport, taking the matter to the High Court; is aware that this action is just one example of the Government raiding pension fund surpluses during the privatisation of former public utilities; and calls on the Government to comply with the spirit of the Ombudsman's direction in respect of the BEST Pension Fund forthwith.

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Secondary information

Type

Early day motion

Reference

353 

Session

1996-97

Subjects

Pension funds Pensions Ombudsman

Link

View this Early day motion on www.parliament.uk