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British Steel Pensions

EDM number 68 in 1993-94, proposed by Frank Cook on 24/11/1993.

That this House notes with considerable dismay that on privatisation British Steel plc. wound up its existing pension scheme with an actuarial surplus of ú592 million and transferred all members, pensioners and beneficiaries of the old scheme into a new one in which scheme members still in employment benefited from substantial improvements in the level of prospective pensions which appear to have been financed out of the aforesaid pension surplus; notes with equal dismay that British Steel plc. has benefited also under the new arrangements as its revised terms allow the company's contribution rate to be reduced, set a cap on the level the company might need to make in the future, and widens its powers to reduce benefits to meet any possible future deficit yet acquire greater powers to cream off future surpluses; concedes that one small gain, to existing pensioners has been a small one-off improvement in widow's benefit; notes that the National Association of British Steel Pensioners have taken legal advice; condemns British Steel plc for instigating new arrangements which appear primarily to have benefited the company and current employees at the expense of all other beneficiaries; supports the National Association in any action that may be brought for breach of trust; and urges Her Majesty's Government to make certain that such perfidy is not permitted with the miners' pensions or the railways scheme, or any other scheme for that matter, ever again.

This motion has been signed by a total of 45 MPs.

Frank Cook24/11/1993Stockton NorthProposed
Bill Michie25/11/1993Sheffield, HeeleySigned
Harry Barnes25/11/1993North East DerbyshireSigned
Bill Etherington25/11/1993Sunderland NorthSigned
Jimmy Dunnachie25/11/1993Glasgow, PollokSigned
Jim Dowd25/11/1993Lewisham WestSigned
John Cummings25/11/1993EasingtonSigned
Tom Cox25/11/1993TootingSigned
Eric Clarke25/11/1993MidlothianSigned
Alan Milburn25/11/1993DarlingtonSigned
Alan Meale25/11/1993MansfieldSigned
William McKelvey25/11/1993Kilmarnock & LoudounSigned
John McAllion25/11/1993Dundee EastSigned
Eddie Loyden25/11/1993Liverpool, GarstonSigned
Ken Livingstone25/11/1993Brent EastSigned
Lynne Jones25/11/1993Birmingham, Selly OakSigned
Barry Jones25/11/1993Alyn & DeesideSigned
Dennis Skinner25/11/1993BolsoverSigned
Alan Simpson25/11/1993Nottingham SouthSigned
Ernie Ross25/11/1993Dundee WestSigned
Michael Connarty29/11/1993Falkirk EastSigned
Jack Thompson30/11/1993WansbeckSigned
Mike Hall30/11/1993Warrington SouthSigned
Kim Howells01/12/1993PontypriddSigned
Eric Illsley01/12/1993Barnsley CentralSigned
Michael Clapham01/12/1993Barnsley West & PenistoneSigned
John Battle02/12/1993Leeds WestSigned
Dennis Turner02/12/1993Wolverhampton South EastSigned
Denzil Davies06/12/1993LlanelliSigned
Martyn Jones08/12/1993Clwyd South WestSigned
Ian McCartney08/12/1993MakerfieldSigned
Roland Boyes08/12/1993Houghton and WashingtonSigned
Stephen Byers09/12/1993WallsendSigned
Andrew Miller16/12/1993Ellesmere Port & NestonSigned
Mike Gapes17/12/1993Ilford SouthSigned
Jim Cousins11/01/1994Newcastle upon Tyne CentralSigned
Peter Hain20/01/1994NeathSigned
Rachel Squire25/01/1994Dunfermline WestSigned
Roger Godsiff26/01/1994Birmingham Small HeathSigned
Doug Hoyle27/01/1994Warrington NorthSigned
Nigel Jones03/02/1994CheltenhamSigned
Dale Campbell-Savours03/02/1994WorkingtonSigned
Tommy Graham03/02/1994Renfrew West and InverclydeSigned
Elliot Morley04/02/1994Glanford and ScunthorpeSigned
Robert Wareing16/02/1994Liverpool, West DerbySigned

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