UK Parliament / Open data

Pensions Bill

Proceeding contribution from Steve Webb (Liberal Democrat) in the House of Commons on Tuesday, 29 October 2013. It occurred during Debate on bills on Pensions Bill.

Jarvis, as an employer, was paying an insurance policy. It was paying into a fund so that if it became insolvent its employers would get the payout, and that is exactly what has happened.

The pension protection fund was created nearly a decade ago and every year Jarvis paid in on behalf of their employees so that in the event of insolvency those employees, and those of the other two former nationalised rail industry firms who were spun off, would get protection. That is exactly what has happened. In other words, to come along in 2013 and say, “Oh no, we did not expect this to happen. We should get special treatment and we should get 100% protection,” when other people who work for private firms do not get that when they pay the protection fund levy and get a payout—[Interruption.]

Type
Proceeding contribution
Reference
569 c823 
Session
2013-14
Chamber / Committee
House of Commons chamber
Legislation
Pensions Bill 2013-14
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