COMPANY PENSION FUNDS

Early day motion 762, tabled 25 June 1999 by Kevin McNamara (Labour). Signed by 41 members.

That this House congratulates the Government and the Deputy Prime Minister on the offer of ú355.8 million as an out-of-court settlement of the long-running legal action arising from the previous administration's plunder of the surplus of the Bus Employees Superannuation Trust and the National Bus Pension Fund when the National Bus Company was privatised; notes that the NBC pension trustees believe the Government's offer represents the best settlement which can be achieved and intend to recommend it to the beneficiaries; congratulates Mr Francis Wheeler and the Transport and General Workers Union on their campaign to achieve resolution of the issue; notes that the proposed settlement means thousands of former National Bus Company employees will have a more secure future and the peace of mind of seeing justice done; and trusts that some means will be found to recompense Mr Francis Wheeler for the considerable personal expense to which he was put in challenging the previous government's plundering of his and his colleagues' pension funds.

Signatures by party: Labour 37, Labour/Co-operative 4.