BHS

Angela Rayner Excerpts

Monday 6th June 2016 Commons Chamber

[Anna Soubry]

Courtaulds is very much part of that supply chain and, as I mentioned in my statement, this is not just about the workers at BHS. Of course, it is a dreadful moment for those individuals and their families when they lose their job, but there is also huge concern right the way through the supply chain. As an east midlands MP, I am of course familiar with Courtaulds. It is a great company, and, like my hon. Friend, I am concerned about its demise. I take this matter very seriously. I do not know whether someone in my Department has already offered to meet her to discuss these matters, but I am more than happy to meet her to ensure that the best is now done by Courtaulds.

[Angela Rayner (Ashton-under-Lyne) (Lab)]

We must never forget that pensions are deferred wages for people who have worked hard all their lives. The Pension Protection Fund was set up under a Labour Government, and it plays a vital role in protecting workers and pensioners when an employer goes out of business. Will the Minister join me in sending a clear message from this House that the pensions regulator has our full support in being as robust as possible on this matter? We must also look to the proposed pensions Bill to close any loopholes and deal with any scapegoats that exist as a result of the current regulations. We need to make those regulations much firmer so that people can no longer get away with any wrongdoing when it comes to wages.

[Anna Soubry]

The hon. Lady makes a good point. When people reach retirement, they look forward to receiving the pension they have paid into. They have put their money into their pension on trust, and they expect a certain benefit to come back to them when they retire because they have already paid into it. We all know that there are a lot of problems with a lot of our big pension schemes, but it is imperative that all employers do the right thing by those schemes. I absolutely pay tribute to the Labour Government for setting up the Pension Protection Fund. We are not content, in that it cannot always deliver what people would have had if their schemes had been successful, but it is nevertheless an extremely good lifeboat when pension schemes unfortunately fail. As I have said, an investigation is taking place and there are no doubt lessons to be learned.