Private Sector Pensions

Lucy Allan Excerpts
Monday 22nd January 2018

(6 years, 11 months ago)

Commons Chamber
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Esther McVey Portrait Ms McVey
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My hon. Friend raises a good point. Those who are in receipt of a pension will receive 100%, and those who receive a pension in the future will get 90%, subject to a cap. People who are concerned about their pension should rest assured, and they can always go to our free helpline.

Lucy Allan Portrait Lucy Allan (Telford) (Con)
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I warmly welcome the Secretary of State to her new position and thank her for the reassurances she has given the House this afternoon. GKN employs 340 people in Telford and is currently the subject of a proposed hostile takeover. Will she confirm that the safety of pensions at GKN will be a priority for her Department if the takeover proceeds?

Esther McVey Portrait Ms McVey
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That is a matter for the Pensions Regulator, but obviously we have the Pension Protection Fund in place, and we will be looking to ensure that pensioners are safe and protected.