House of Commons Hansard

On the 9 June 1992 the House of Commons debated the plight of the pensioners who had been defrauded in the Robert Maxwell Pensions Scheme Fraud:

The House of Commons:

Resolved, That this House shares a deep concern for the distress pensioners face as a result of the pillaging of pension funds by Robert Maxwell; applauds the initiative taken by the Government to provide temporary, emergency funding to help those schemes which have a particularly acute short term problem; and, while welcoming the decision to initiate a thorough review of the framework of pension scheme law, notes with approval the important part that occupational pensions continue to play in ensuring increasing prosperity among the retired population of this country.

The debate began with the following speech by Mr Michael Meacher:

7.13 pm

§Mr. Michael Meacher (Oldham, West)

I beg to move, That this House, whilst supporting the Government’s initiative to recover from the banks, financial institutions and the Maxwell family the pension fund assets which were stolen, notes the Government’s responsibility both because the Department of Trade and Industry gave an investment licence to two Maxwell companies which he used as a channel to steal the pension monies, and because of the deep flaws in the current supervisory system; considers that the new committee to review pension law should not have to take a year to complete its work. and believes that emergency measures to protect occupational pension fund members should be taken without delay; and calls upon the Government to provide a more realistic sum than £2.5 million to underwrite the pensions of current and deferred Maxwell pensioners, some of whom have already suffered major losses through no fault of their own.

The extract from Hansard can be found here:

UK Hansard