Pension Protection Fund Debate

Full Debate: Read Full Debate

Lord Bishop of St Albans

Main Page: Lord Bishop of St Albans (Bishops - Bishops)

Pension Protection Fund

Lord Bishop of St Albans Excerpts
Tuesday 13th September 2016

(8 years, 2 months ago)

Lords Chamber
Read Full debate Read Hansard Text
Lord Young of Cookham Portrait Lord Young of Cookham
- Hansard - - - Excerpts

The noble Baroness raises a very important issue, which goes way beyond what I thought was the fairly extensive briefing I have in my pack. I hope she will excuse me if I say that I would like to make some inquiries and then write to her.

Lord Bishop of St Albans Portrait The Lord Bishop of St Albans
- Hansard - -

Perhaps I may push the Minister a little more. I totally accept that the value of pension funds goes up and down according to a number of factors, but recent statistics show that 56 of the FTSE 100 companies had a combined pension deficit of £42.3 billion, which was up from £25 billion in the previous year—so growing fairly steadily. Just last year those FTSE companies were able to pay out dividends of £53 billion—a sign of their success. Does the Minister think that those companies have the balance right between shareholders and employees? If not, will the Government consider doing something about it to ensure that their responsibilities are taken more seriously?