Posted by Colin Blanks on 28 December 2000 at 18:26:30:
i asked Jeff Rooker to comment on the assurances he gave in the light of the Barclays Bank ruling. Here is a reply from his staff.
Department of Social Security
The Adelphi 111 John Adam Street London WC2N 6HT
Telephone 0207962 8000
Mr Colin BlanksCwblanks@bigfoot.com Your Reference:
Our Ref: TOA/00/44765
Date: 28 December 2000
Dear Mr Blanks
Thank you for your e-mail of 26 November to Jeff Rooker concerning occupational pension surpluses. I am sorry that the Minister has not been able to reply to you personally, but I hope you will understand that he receives a great deal of correspondence on a variety of subjects and it is not possible for him to reply to each letter individually. I have been asked to reply and I apologise for the delay in doing so.
You are particularly concerned about the High Court ruling on pension fund surpluses made in favour of Barclays Bank Plc.
As I am sure you will appreciate, Ministers and officials are unable to comment on the merits of any court ruling. Having said that, I can assure you that Ministers are aware of the concern that has arisen because of the High Court's ruling and are considering the implications for other pension Schemes.
As Jeff Rooker explained in his recent letter to Eileen Gordon, under trust law, neither the employer nor the scheme members own the assets of the pension scheme. It is the trustees who hold the assets and they are under a strict legal duty to use them in accordance with the deed setting up the trust and the scheme rules. They are answerable through the courts, if necessary, for any breach of that duty. The Government believes that the trust law framework continues to provide the best basis for protecting the interests of all those concerned with a pension scheme, including the pensioners and contributing members.
Yours sincerely
Joseph Onwuchekwa