LEWIS'S GROUP LTD

EDM number 919 in 1990-91, proposed by Kevin Barron on 05/06/1991.

That this House notes with concern the action of Lewis's Group Ltd of Leeds, who have raided the company's pension scheme to purchase a property from a subsidiary and to provide the company with a loan at a cost of approximately ú2 million, including interest to the pension scheme; believes that any surplus should have been used for the beneficiaries of the pension scheme and not to run the business; understands that despite the sacrifice of the workers who had taken a cut in wages of 7.5 per cent in order to keep the company afloat, unscrupulous employers were able to raid the scheme because of the Government's changes to the pension scheme regulations; and calls on the Government to change the law so that it cannot happen again.

This motion has been signed by a total of 93 MPs.