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Fmc Pension Fund

EDM number 467 in 1995-96, proposed by Jean Corston on 20/02/1996.

That this House notes that Hillsdown Holdings plc, whose Chairman is Sir John Nott and former Company Secretary was the honourable Member for Milton Keynes South West, bought FMC in 1983 and took over its pension fund; understands that the fund trust deed forbade payment of any fund monies to the employer or amendments to that effect; is appalled that in 1989, Hillsdown merged the FMC pension fund with one of its own funds, changed the rules and transferred ú18.4 million of the fund surplus to Hillsdown Holdings without the knowledge or consent of the pensioners; welcomes the decision of the Pensions Ombudsman that this action constituted maladministration and a breach of trust and that Hillsdown should repay the sum with interest; deplores Hillsdown's stated intention to appeal this decision; notes that the Pensions Act 1995 was passed by Parliament to put an end to such outrageous behaviour and that the Act prohibits such transfers, particularly unless members are notified in advance of the intention to transfer any surplus to the employer; congratulates Radio 4's 'Face the Facts' for bringing this scandal to light; and calls on Sir John Nott and the honourable Member for Milton Keynes South West to use their best endeavours to ensure that Hillsdown complies with the Ombudsman's order and the spirit and intention of the 1995 legislation without delay.

This motion has been signed by a total of 82 MPs.

Jean Corston20/02/1996Bristol EastProposed
Colin Pickthall20/02/1996West LancashireSigned
Audrey Wise20/02/1996PrestonSigned
Joan Walley20/02/1996Stoke-on-Trent NorthSigned
Roger Berry20/02/1996KingswoodSigned
Hilary Armstrong20/02/1996North West DurhamSigned
Peter Hain20/02/1996NeathSigned
Angela Eagle20/02/1996WallaseySigned
Ann Clwyd20/02/1996Cynon ValleySigned
Michael Clapham20/02/1996Barnsley West & PenistoneSigned
Anne Campbell20/02/1996CambridgeSigned
Alice Mahon20/02/1996HalifaxSigned
Estelle Morris20/02/1996Birmingham, YardleySigned
Ken Purchase20/02/1996Wolverhampton North EastSigned
Stuart Randall20/02/1996Kingston upon Hull WestSigned
Barbara Roche20/02/1996Hornsey & Wood GreenSigned
Alan Simpson20/02/1996Nottingham SouthSigned
Kate Hoey20/02/1996VauxhallSigned
Glenda Jackson20/02/1996Hampstead & HighgateSigned
Helen Jackson20/02/1996Sheffield, HillsboroughSigned
Martyn Jones20/02/1996Clwyd South WestSigned
Paddy Tipping21/02/1996SherwoodSigned
Gerry Steinberg21/02/1996Durham, City ofSigned
Harry Barnes21/02/1996North East DerbyshireSigned
Tony Banks21/02/1996Newham North WestSigned
Mike Hall21/02/1996Warrington SouthSigned
John McAllion21/02/1996Dundee EastSigned
Win Griffiths21/02/1996BridgendSigned
Norman Godman21/02/1996Greenock and Port GlasgowSigned
Andrew Faulds21/02/1996Warley EastSigned
Keith Bradley21/02/1996Manchester, WithingtonSigned
Bill Michie21/02/1996Sheffield, HeeleySigned
William McKelvey21/02/1996Kilmarnock & LoudounSigned
Ken Livingstone21/02/1996Brent EastSigned
Peter Hardy21/02/1996WentworthSigned
Dennis Skinner21/02/1996BolsoverSigned
Barry Sheerman21/02/1996HuddersfieldSigned
Ernie Ross21/02/1996Dundee WestSigned
Mike Gapes22/02/1996Ilford SouthSigned
John Evans22/02/1996St Helens NorthSigned
John Cummings22/02/1996EasingtonSigned
Richard Burden22/02/1996Birmingham, NorthfieldSigned
Eddie Loyden22/02/1996Liverpool, GarstonSigned
Lynne Jones22/02/1996Birmingham, Selly OakSigned
Eric Illsley22/02/1996Barnsley CentralSigned
David Clelland22/02/1996Tyne BridgeSigned
Terry Rooney27/02/1996Bradford NorthSigned
Michael Connarty27/02/1996Falkirk EastSigned
Greg Pope28/02/1996HyndburnSigned
Rachel Squire28/02/1996Dunfermline WestSigned
Alan Meale28/02/1996MansfieldSigned
Eric Clarke28/02/1996MidlothianSigned
Harry Cohen29/02/1996LeytonSigned
Jack Thompson06/03/1996WansbeckSigned
Bill Etherington07/03/1996Sunderland NorthSigned
Terry Lewis11/03/1996WorsleySigned
Tommy Graham19/03/1996Renfrew West and InverclydeSigned
Tony Worthington07/05/1996Clydebank & MilngavieSigned
George Stevenson07/05/1996Stoke-on-Trent SouthSigned
Joe Ashton07/05/1996BassetlawSigned
Janet Anderson07/05/1996Rossendale & DarwenSigned
John Gunnell07/05/1996Leeds South and MorleySigned
Diane Abbott07/05/1996Hackney North & Stoke NewingtonSigned
Llin Golding07/05/1996Newcastle-under-LymeSigned
John Garrett07/05/1996Norwich SouthSigned
Maria Fyfe07/05/1996Glasgow, MaryhillSigned
Bryan Davies07/05/1996Oldham Central and RoytonSigned
Robin Corbett07/05/1996Birmingham, ErdingtonSigned
Judith Church07/05/1996DagenhamSigned
Bill Olner07/05/1996NuneatonSigned
Chris Mullin07/05/1996Sunderland SouthSigned
Andrew Miller07/05/1996Ellesmere Port & NestonSigned
John McFall07/05/1996DumbartonSigned
Andrew MacKinlay07/05/1996ThurrockSigned
Piara S Khabra07/05/1996Ealing, SouthallSigned
Brian Jenkins07/05/1996Staffordshire South EastSigned
David Jamieson07/05/1996Plymouth, DevonportSigned
Margaret Hodge07/05/1996BarkingSigned
Keith Hill07/05/1996StreathamSigned
Brian Sedgemore07/05/1996Hackney South & ShoreditchSigned
Jeff Rooker07/05/1996Birmingham, Perry BarrSigned
Bridget Prentice07/05/1996Lewisham EastSigned

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