B.e.s.t. Pension Scheme

EDM number 353 in 1996-97, proposed by Eddie Loyden on 16/12/1996.

That this House notes the determination of the Pensions Ombudsman dated 6th September 1996, which stated that an amendment to the winding-up clause of the BEST Pension Fund, which transferred a surplus of ú168 million to the Department of Transport, was 'obtained through a breach of the company's duty of good faith and through a threat to commit a fraud on a power' and his direction that the New Trustee should take 'without delay, all practicable steps to obtain the return of the monies with interest at an equitable rate'; further notes that this raiding of the pension fund surplus has effectively deprived the former employees of the National Bus Company of much-needed improvements to the pensions to which they contributed during their working lives; is deeply concerned that the Secretary of State for Transport is unwilling to comply with the Trustee's request to return their money without the Trustee, a civil servant in the Department of Transport, taking the matter to the High Court; is aware that this action is just one example of the Government raiding pension fund surpluses during the privatisation of former public utilities; and calls on the Government to comply with the spirit of the Ombudsman's direction in respect of the BEST Pension Fund forthwith.

This motion has been signed by a total of 65 MPs.