Kevin Foster
Main Page: Kevin Foster (Conservative - Torbay)
Sajid Javid
If the consultation proposals do not go ahead—it is important to note that the Government have not made a decision—it is very likely that the scheme will end up in the Pension Protection Fund, because of the size of its deficit. Of course, we and officials are happy to discuss the issue in more detail with the hon. Gentleman, but when he makes his determination I urge him to keep in mind what the alternative might be.
Kevin Foster (Torbay) (Con)
I welcome the Secretary of State’s statement and the actions that have been taken so far. He will be aware, however, that this is not the only industry or business where the company is in distress and pensions are affected. The BHS situation, for instance, affects employees in my constituency. Will he, therefore, confirm that this proposal is being considered only because of the desperate need to save jobs in the steel industry, and that any changes would apply purely to the company in question?
Sajid Javid
My hon. Friend makes an important point. We have excellent protection for pensions when things go wrong in this country. We can all be proud of that. I think that we all agree that this is a unique situation. The Government said that we would look at all options and it is right that we have this consultation.