Written question asked by Andrew Love (Labour) on Wednesday, 25 October 2000, in the House of Commons. It was due for an answer on Tuesday, 31 October 2000. It was answered by Melanie Johnson (Labour) on Tuesday, 31 October 2000 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, what the sources were of the funds used by the largest six companies who mis-sold personal pensions to reinstate their pensions; and if he will make a statement. - Includes ref to 24 July 1999 at 316 c750-1W.

Answer: Mr. Love: To ask the Chancellor of the Exchequer what the sources were of the funds used by the largest six companies who mis-sold personal pensions to reinstate their pensions; and if he will make a statement. [135659] Miss Melanie Johnson: The Government's policy follows that outlined in the reply by the then Economic Secretary to my hon. Friend the Member for Halton (Mr. Twigg) on 24 July 1998, Official Report, columns 750-51W. The Government view is that, in principle, the costs of compensating victims of pensions mis-selling should be shared and borne in the same proportion as profits arising from mis-selling would have been.

Secondary information

Type: Written question
Reference: 355 c409W; 135659
Session: 1999-00
Subjects: Compensation Costs Personal pensions Misrepresentation Pension funds
Link: View this Written question on www.publications.parliament.uk