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Dept of the Environment Transport and the Regions

Answer

Mr. Jenkin: To ask the Secretary of State for the Environment, Transport and the Regions how much he has paid out in respect of the Bus Employees' Superannuation Trust and the National Bus Pension Fund, pursuant to the investigation carried out by the Pensions Ombudsman; when these moneys were paid; who he has charged with responsibility for distributing these moneys to members of these funds; how he will hold them accountable; and when he expects the moneys to be fully distributed. [142749] Mr. Hill: [holding answer 14 December 2000]: As announced by the Deputy Prime Minister in a written answer on 15 June 1999, Official Report, columns 85-86W, the negotiated settlement of this long-running dispute involved a total payment of £355.77 million. This litigation followed an investigation by the Pensions Ombudsman into an agreement in 1986 between the National Bus Company and the then Government which had resulted in the payment to the Government in 1990 of the surpluses of the two NBC pension funds. The settlement was approved by the High Court on 30 July last year and the entire settlement sum was paid over to the trustees of the funds immediately following the Court's decision. The trustees have sole responsibility for decisions on, and the timing of, distribution to pensioners. I understand that so far some 20,000 NBC pensioners whose pension entitlement was secured with Standard Life have received interim payments from the settlement and that the trustees are now preparing proposals for the final distribution with the intention of obtaining Court approval for them as soon as possible. Inevitably the trustees face a complex and substantial task in completing the distribution but we have made clear to them that we wish to see the task completed without any unnecessary delay. The trustees are accountable under law for the proper conduct of the trust's business.

Secondary information

Type

Written question

Reference

360 c175-6W; 142749

Session

2000-01

Subjects

Accountability Pensioners Pensions Payments Pension funds Trusts Bus Employees Superannuation Trust National Bus Company

Contains statistics

Yes

Link

View this Written question on www.publications.parliament.uk