---

Marconi Pension Fund

What a pleasure it is to have the opportunity to raise this important issue in the debate today. There are concerns about the so-called defined benefit market and pension buy-outs. The Marconi/Telent pension fund involves an unusual approach by a Guernsey-based company, Pension Corporation, to buy out the whole company to achieve control of the pension fund. Why is that a potential problem? First, it allows for 93 per cent. of the buy-out to be funded on a conventional insurance buy-out basis.