James Cunningham

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Coventry South MP Addresses Occupational Pensions

During a Debate in the House of Commons on the 16 March 2006, regarding Occupational Pensions, Coventry South MP Jim Cunningham, addressed the issue of those still waiting to hear their fate with regard to their occupational pensions.

Mr Cunningham said to the Secretary of State for Works and Pensions, John Hutton:
 “May I reinforce the point that the Secretary of State should examine the position with some urgency to help people, some of whom are in serious predicaments? People from, for example, Federal-Mogul in Coventry, are waiting for the outcome. So far, we have discussed the ombudsman's report, but should we not hold a proper inquiry into where the money that was invested went and who spent it?

The Minister responded, “ I agree with my hon. Friend. It is important to expedite the review of the financial assistance scheme and I look forward to discussing that with him.”
“We need to focus on where the money actually went from these disolved pension schemes? Who has pocketed the money and what is the Government doing to track this money. It is not simply enough to ignore that issue and focus on more Government assistance, as that is the root cause of the situation we are in today with regard to occupational pensions.”