ELECTRICITY SUPPLY PENSION SCHEME

Summary

That this House is concerned at the stated intention of the National Grid Company to amend its group rules of the Electricity Supply Pension Scheme so as to allow themselves, retrospectively, to profit from their failure to make payments to the fund, to cover deficiencies arising from the company's redundancy programme; notes that this was found to be unlawful by the Pensions Ombudsman in the first instance, and finally by the Court of Appeal which upheld the complaints of Messrs Laws and Mayes against the company and trustees and that the wide power of amendment, highlighted in the Appeal Court judgement of 10th February, was contained in rules designed for a nationalised industry with ultimately democratic control of the employer by Parliament; and believes that now in the hands of private employers such powers have been abused by employers in their goal to keep their hands on the windfalls raided from the pension fund.

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Timeline

1. 5 June 2000

   Early Day Motion

   That this House is concerned at the stated intention of the National Grid Company to amend its group rules of the Electricity Supply Pension Scheme so as to allow themselves, retrospectively, to profit from their failure to make payments to the fund, to cover deficiencies arising from the company's redundancy programme; notes that this was found to be unlawful by the Pensions Ombudsman in the first instance, and finally by the Court of Appeal which upheld the complaints of Messrs Laws and Mayes against the company and trustees and that the wide power of amendment, highlighted in the Appeal Court judgement of 10th February, was contained in rules designed for a nationalised industry with ultimately democratic control of the employer by Parliament; and believes that now in the hands of private employers such powers have been abused by employers in their goal to keep their hands on the windfalls raided from the pension fund.

   Source: Early Day Motion

Votes

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Sponsors

• Jonathan Shaw · Labour · Primary sponsor

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