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Marconi Pension Fund

It is a great pleasure to respond to this important debate under your chairmanship, Mr. Marshall. My right hon. Friend the Member for Knowsley, North and Sefton, East (Mr. Howarth) and other colleagues have raised an important issue in relation to Telent/Marconi. To lose one's pension is to suffer an injustice. Through the Pension Protection Fund and the pensions regulator, we have sought to renew confidence in pensions and we have resolved to maintain and deepen that confidence by being vigilant in the face of new challenges. It is incumbent on the Government to guard against any injustice, and my right hon. Friend has played his part by prompting this debate and raising concerns that an injustice might be done. Let me set out why my right hon. Friend is right to say that this is an important issue, before explaining what I see as the emerging risks and setting out what I intend to do.