Commons Sense

House of Commons · Ministers' Questions

Defined-benefit Pension Schemes

Monday 18 December 2023 · 2 questions

Summarised by AI from the official record, so it can contain mistakes.

Read the full transcript on Parliament.uk

At a glance

Answered 0 Partly answered 2 Not answered 0

Key points

  • Minister met representatives of the Pensions Regulator twice since appointment to discuss their responsibilities.
  • Alistair Carmichael inquired about the 11% real terms decrease in pension value for BP pension scheme members despite a 5 billion surplus.
  • MinisterBP

Topics (select to filter)

Questions & Answers

Q1 Alistair Carmichael Lib Dem Orkney and Shetland
Benefits & Welfare
Context

The question arises from concerns about the administration of pension schemes, specifically regarding recent discussions with the Pensions Regulator.

Question

Whether he has had recent discussions with the Pensions Regulator on the adequacy of the administration of defined-benefit pension schemes.

Answer from Paul Maynard

I am fortunate in having already been able to meet representatives of the Pensions Regulator twice since my appointment to discuss the full gamut of their responsibilities.

Partly answered

How: Did Not Specify If Discussions Covered Adequacy

Was this summary accurate? Tell us

How accurate was this summary? (1 = poor, 5 = spot on)

Get updates like this by email
Q2 Alistair Carmichael Lib Dem Orkney and Shetland
Benefits & Welfare
Context

Members of the BP defined-benefit pension scheme have experienced a significant decrease in their pensions' value, despite the pension fund having a £5 billion surplus. This raises concerns about the adequacy of the management and rules governing such schemes.

Question

Members of the BP pension scheme, a defined-benefit scheme, have seen the value of their pensions fall by 11% in real terms as a consequence of their senior management's refusal to upgrade them in line with the cost of living, although the pension fund itself has a £5 billion surplus. Does the Minister agree that if the rules allow companies such as BP to deal from the bottom of the deck when it comes to their own pensioners, these are rules that need to be changed?

Answer from Paul Maynard

That is certainly something I need to look into. When people raise the issue of specific pension schemes, I am always conscious of just how many thousands of scheme members are potentially watching, so I do not wish to speak off the cuff and raise hopes that I may not be able to fulfil. However, I shall be happy to meet the right hon Gentleman to discuss the circumstances in greater detail and see what can be done.

Partly answered

How: Will Look Into It, Wants To Meet To Discuss Further

Was this summary accurate? Tell us

How accurate was this summary? (1 = poor, 5 = spot on)

Get updates like this by email