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Maxwell Pension Funds

Volume 210: debated on Tuesday 30 June 1992

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To ask the Secretary of State for Social Security if he will state how much has been used by Maxwell pension funds in legal fees to try to recover the lost assets; and if he will now underwrite these costs.

The cost of legal fees incurred in recovering assets missing from Maxwell pension funds is a matter for the trustees of the pension schemes concerned. The emergency funding of up to £2.5 million which we have made available will be used soley for payments of pensions.

To ask the Secretary of State for Social Security if he will set out his target for recovery of the lost Maxwell assets by the special unit within his Department and, in particular, what proportion of the total assets he aims to have recovered and within what period of time.

It is too early to say how much of the missing assets will prove to be recoverable. Officials in the special unit will do everything they can to assist trustees of Maxwell pension funds, liquidators and others to secure the speedy return of assets and the rebuilding of pension funds to the point where they can meet their liabilities in full.