PARLIAMENTARY EARLY DAY MOTION
MAXWELL PENSION FUNDS (5 May 1992)

That this House is appalled at the removal of pension fund monies from the Maxwell pension funds; notes that thousands of pensioners and employees have lost their pension entitlements; welcomes the Social Security Select Committee's Second Report of 1991-92 on the operation of pension funds; believes that the Government has a moral duty to underwrite the pension funds whilst using all necessary pressure to require the banks which currently hold pension fund assets which were used illegally, to be returned; notes that there are no specific proposals contained in the Queen's Speech either to protect Maxwell pension fund pensioners immediately, or to bring forward legislation to safeguard all pension funds, recognising that the monies are deferred payments of employees and belong only to pension fund contributors; and therefore calls on the Government to immediately implement the Select Committee Report's 30 proposals, to underwrite the Maxwell pension funds whilst securing the return of all assets, and to bring forward legislation to introduce international agreements to allow the funds transferred across national borders to be returned and separate legislation enshrining the rights of employees and pensioners to control and own the pension funds by removing pension funds from trust law and democratising the decision making structures.

Sponsored by:
Baroness Primarolo (Labour)