George Howarth MP calls for tougher regulation of pension schemes to protect Marconi pensioners
Earlier today, Knowsley North and Sefton East MP, George Howarth, sponsored a debate in the House of Commons during which he called for tougher regulation of new types of pension schemes that pose unacceptable risks to pension holders.
The Pension Corporation, a Guernsey-based, private equity-backed company, recently bought Telent (formerly Marconi) to gain access to its pension scheme. Its business model relies on gaining access to the funds of the scheme and stripping out surpluses which would otherwise belong to the pensioners – many of whom live in Knowsley North and Sefton East.
In November 2007, the pension regulator ruled that there was a potential conflict of interest on the Telent pension trustees that was so compelling that it is not clear that it could be resolved.
George Howarth asked the pensions minister, Mike O'Brien MP, to commit to a review of the regulatory regime governing schemes such as the Pension Corporation, and to put pressure on the Pensions Regulator to extend the tenure of the independent trustees imposed on the Pensions Corporation whose term is due to expire in April of this year. This would maintain the protection available to pension holders as was seen absolutely necessary by the regulator as recently as November last year.
Commenting on the debate, George Howarth said:
“I am pleased that the government seems to be listening to the genuine concerns that pensioners have about the security of their pensions.
“It is good to see innovation among pension providers, but we need to make sure that they are not taking unacceptable risks which would ultimately be paid for by ordinary pensioners if they go wrong.
“I have asked the Government to launch a review into this type of pension scheme to make sure that pensioners are properly protected. Ultimately, we need to ask ourselves whether the pension fund is there to support the pensioners themselves, or is it there to make a quick profit for financiers who could strip out surpluses and then dispose of the rump of the scheme?”
Shame he wasn't protecting sick and vulnerable people in hospital from sick PR companies.
Representatives of a company promoting the Everton/Tesco move to Kirkby were caught yesterday collecting signatures for the move in
Fazakerley Hospital. (!!!!)
We used to associate "sleaze" campaigns with the Torys.
Now it appears the people of Liverpool need to associate "sleaze" campaigns with other kinds of Blue-stripe.
That really is a cheap, "blue-stripe" PR campaign. How low can you go to get support for a campaign that is clearly left on the shelf?
Apparently they didn't get a single signature, which just goes to prove that even sick and vulnerable people are not going to buy that
the current Everton/Tesco plans are a good thing for anyone, Blue or not.
If you are an Evertonian, I am so sorry that you have to watch your club and its business partners behaving in such a sleazy way. It must
upset you too. If you are a Kirkby resident, I am so sorry that you are being treated in such a despicable way by these companies. I can understand why you are angry.
Come on Mr Howarth of Kirkby. Let's see you stand up against this kind of sleaze for your constituents.
Tracy Cullen
Fazakerley
Posted by: Tracy Cullen | March 07, 2008 at 05:26 PM