Skip to main content

Pension Schemes (Fraud)

Volume 201: debated on Friday 20 December 1991

The text on this page has been created from Hansard archive content, it may contain typographical errors.

To ask the Secretary of State for Social Security what action he intends to take to deal with the potential for fraud in pension schemes; and if he will make a statement.

[holding answer 6 December 1991]: Safeguards already exist in trust law to protect the interests of members of occupational pension schemes. Trustees have a duty to act at all time in the interests of all the beneficiaries of the scheme in accordance with the trust deed.In addition, the Government will bring forward, early next year, regulations to restrict to 5 per cent. the level of self-investment. Action is in hand to produce a booklet for pension fund trustees, setting out their role and legal responsibilities. Regulations extending the existing disclosure requirements to include information as to whether each trustee has received a copy of the booklet, will be introduced.