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Marconi Pension Fund

My hon. Friend has again raised a very pertinent point, and I will cover that issue towards the end of my speech. So strong are the concerns about the approach of Pension Corporation that a strong case is being put for an urgent review to clarify the regulatory framework for such developments and to identify any outstanding regulatory requirements, including the responsibilities of the Financial Services Authority and the pensions regulator. I have reason to believe that the TUC, among others, shares this concern. It is also important that we should seek to close the so-called wind-up lump sum legal loophole, which is a very technical matter but one that has profound implications, particularly for low-paid and part-time workers, who are often from vulnerable groups or are women who are already very much at risk. In addition, there is strong concern about the legal and regulatory issues that govern the relationships between members of schemes that are bought out and the insurance companies that eventually take over responsibility for them. My own trade union, Unite, which has many of the remaining 2,000 workers at Marconi within its membership, has made it clear that it has great concerns about what Pension Corporation is up to. A national officer of Unite, Peter Skyte, put it succinctly:"““The pension fund belongs to the present and former workforce and should not be used as a piggybank to be raided for short-term gain.””" I have complete sympathy with that viewpoint.