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Occupational Pension Schemes

Volume 170: debated on Monday 2 April 1990

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25.

To ask the Secretary of State for Social Security what plans he has to restrict self-investment by occupational pension schemes.

The Social Security Bill contains a power to restrict occupational pensions investing in employer-related investments—a practice which we believe has a potential for conflicts of interest. We are arranging a survey to provide up-to-date information on the extent of self-investment to guide us in the regulations which we hope to introduce as soon as practicable after Royal Assent.

39.

To ask the Secretary of State for Social Security what powers the pension ombudsman will have to resolve any grievances held by members of occupational pension schemes.

It is intended that the pensions ombudsman should have extensive powers to help resolve grievances brought to him by members of occupational personal pension schemes. He will be able to investigate and determine both complaints about alleged maladministration and disputes about fact or law.The pensions ombudsman will have similar powers to those of the county court in England and Wales; and of the sheriff court in Scotland. He will be able to examine witnesses and require the production of documents, and he will issue a written statement of his determination and the reasons for it to those concerned. His determinations will be binding on the parties involved, and will be enforceable in a county or sheriff court.