Pension Fund Surpluses

EDM number 2297 in 1992-93, proposed by Harry Cohen on 08/07/1993.

That this House notes that, since 1986 when pension funds had to reduce their surpluses to no greater than 105 per cent. of their liabilities in order to retain full tax exemption, a government survey of large self-administered schemes has revealed that employers took 59 per cent. of the surpluses and employees received only 41 per cent.; further notes that between 1st April 1987 and 31st March 1993 employers took funds for themselves from all occupational pension schemes amounting to ú1,889 million; notes that within these figures some employers have been unscrupulous in manipulating trust funds for their own advantage; and calls upon the Goode Committee to swiftly recommend an end to this stealing of the workers' pension money by the bosses and early legislation to ensure this.

This motion has been signed by a total of 76 MPs.