That this House notes that the Chairman and Company Secretary of the Hillsdown pension trustees was the honourable Member for Milton Keynes South West who is discredited by the Hillsdown Holdings affair; notes the High Court decision supported the Pensions Ombudsman, Dr Julian Ferrand, in declaring that Hillsdown Holdings acted illegally in taking ??18.4 million from the Fatstock Marketing Corporation pension scheme which it took over in 1983; further notes that Mr Justice Knox criticised Hillsdown for putting undue pressure on trustees to force them to agree to the plan and that despite the pension fund roles denying the employer any power or rights over the surplus, Hillsdown switched the assets and members of the Fatstock fund into another scheme where no such restrictions applied; further notes that Hillsdown also threatened to flood the old scheme with new members if the trustees refused, a course of action which was almost certainly illegal but which intimidated the trustees who feared it might lead to a cut in pensions; also notes that the Pensions Ombudsman has ruled that the trustees have been guilty of maladministration and a breach of trust and ordered Hillsdown to pay back to the pension fund ??30 million taking into account accumulated interest; calls on the former Cabinet Minister, Sir John Nott, who is Chairman of Hillsdown, to arrange for this repayment; and calls upon the Government, which failed to give proper backing to the Pensions Ombudsman following his ruling, to announce what action it proposes to take following the High Court judgment.

That this House notes that the Chairman and Company Secretary of the Hillsdown pension trustees was the honourable Member for Milton Keynes South West who is discredited by the Hillsdown Holdings affair; notes the High Court decision supported the Pensions Ombudsman, Dr Julian Ferrand, in declaring that Hillsdown Holdings acted...

That this House notes that Hillsdown Holdings plc, whose Chairman is Sir John Nott and former Company Secretary was the honourable Member for Milton Keynes South West, bought FMC in 1983 and took over its pension fund; understands that the fund trust deed forbade payment of any fund monies to the employer or amendments to that effect; is appalled that in 1989, Hillsdown merged the FMC pension fund with one of its own funds, changed the rules and transferred ??18.4 million of the fund surplus to Hillsdown Holdings without the knowledge or consent of the pensioners; welcomes the decision of the Pensions Ombudsman that this action constituted maladministration and a breach of trust and that Hillsdown should repay the sum with interest; deplores Hillsdown's stated intention to appeal this decision; notes that the Pensions Act 1995 was passed by Parliament to put an end to such outrageous behaviour and that the Act prohibits such transfers, particularly unless members are notified in advance of the intention to transfer any surplus to the employer; congratulates Radio 4's 'Face the Facts' for bringing this scandal to light; and calls on Sir John Nott and the honourable Member for Milton Keynes South West to use their best endeavours to ensure that Hillsdown complies with the Ombudsman's order and the spirit and intention of the 1995 legislation without delay.

That this House notes that Hillsdown Holdings plc, whose Chairman is Sir John Nott and former Company Secretary was the honourable Member for Milton Keynes South West, bought FMC in 1983 and took over its pension fund; understands that the fund trust deed forbade payment of any fund monies to...