Linked Data API

Show Search Form

Search Results

1129551
registered interest false remove filter
date less than 2019-06-04more like thismore than 2019-06-04
answering body
Department for Work and Pensions more like this
answering dept id 29 remove filter
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Arcadia Group: Pensions more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government whether Ministers or officials have (1) written to, (2) had any meetings with, or (3) communicated in other forms with, Sir Philip Green, Lady Christina Green or the Pensions Regulator in connection with the Arcadia Group Pension Scheme. more like this
tabling member printed
Lord Myners more like this
uin HL16036 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-18more like thismore than 2019-06-18
answer text <p>Neither Ministers nor officials have written to, had meetings with, or communicated in other forms with Sir Philip Green or Lady Christina Green.</p><p> </p><p>Ministers and officials have quarterly meetings with the Pensions Regulator, but not specifically concerning Sir Philip Green or the Arcadia Group. This is because the Pensions Regulator is an independent body, and as such the Government cannot intervene or influence its actions. The Regulator also keeps DWP officials informed about its work in monitoring pension schemes.</p> more like this
answering member printed Baroness Buscombe more like this
question first answered
less than 2019-06-18T15:51:18.26Zmore like thismore than 2019-06-18T15:51:18.26Z
answering member
3349
label Biography information for Baroness Buscombe more like this
tabling member
3869
label Biography information for Lord Myners remove filter
1130254
registered interest false remove filter
date less than 2019-06-05more like thismore than 2019-06-05
answering body
Department for Work and Pensions more like this
answering dept id 29 remove filter
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Arcadia Group: Pensions more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government what plans they have to review (1) decisions taken by the trustees of the Arcadia Group Pension Scheme which may have contributed to an aggregate deficit of liabilities over assets of some £700 million, (2) the oversight of the Arcadia Scheme by the Pensions Regulator, and (3) the Pensions Regulator's use of its powers in relation to the Arcadia Scheme. more like this
tabling member printed
Lord Myners more like this
uin HL16115 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-19more like thismore than 2019-06-19
answer text <p>The Government cannot intervene with the decisions taken by trustees of pension schemes.</p><p> </p><p>The Pensions Regulator is an independent body, and as such the Government cannot comment on any cases dealt with by the Regulator. Due to this, the Government does not have plans to review the oversight exercised over the Arcadia scheme, or the use of powers in relation to the scheme.</p> more like this
answering member printed Baroness Buscombe more like this
question first answered
less than 2019-06-19T15:46:29.593Zmore like thismore than 2019-06-19T15:46:29.593Z
answering member
3349
label Biography information for Baroness Buscombe more like this
tabling member
3869
label Biography information for Lord Myners remove filter
1131476
registered interest false remove filter
date less than 2019-06-11more like thismore than 2019-06-11
answering body
Department for Work and Pensions more like this
answering dept id 29 remove filter
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Arcadia Group: Pensions more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government whether the Pensions Regulator (1) regarded an additional payment into the Arcadia Pension Fund to be an adequate contribution to the deficit, and (2) supported the Company Voluntary Arrangements proposed by Sir Philip and Lady Green; and if so, why. more like this
tabling member printed
Lord Myners more like this
uin HL16270 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-24more like thismore than 2019-06-24
answer text <p>The best support for a defined benefit pension scheme is an ongoing trading employer. Working with the shareholders, pension trustees and Pension Protection Fund, The Pensions Regulator were pleased to be able to agree a £310m package of support last week that would provide greater certainty for the Arcadia pension schemes. This comprises security to the value of £210m, together with the £100m in cash from Lady Green. The Pensions Regulator remain satisfied that the arrangement is the right one for members and the Pension Protection Fund in challenging circumstances and is equitable in the context of the wider Company Voluntary Arrangements process.</p><p> </p><p>The Pension Regulator’s goal is to protect the interests of members of the Arcadia schemes as far as possible in these difficult circumstances. A successful outcome will mean ongoing Deficit repair contributions payments from the company, enabling the schemes to become fully funded in due course. Had the Company Voluntary Arrangement votes failed, or if the Company Voluntary Arrangements are successfully challenged, the position of the pension schemes would be/will be much less certain. Deficit repair contributions from Arcadia Group Limited, initially £25m per annum (paid in equal monthly instalments) and escalating in subsequent years, would cease. The amount recovered by the pension schemes would be significantly less in an uncontrolled insolvency than under the terms of the Company Voluntary Arrangement. On this basis The Pensions Regulator supported the Company Voluntary Arrangement.</p>
answering member printed Baroness Buscombe more like this
question first answered
less than 2019-06-24T14:30:41.447Zmore like thismore than 2019-06-24T14:30:41.447Z
answering member
3349
label Biography information for Baroness Buscombe more like this
tabling member
3869
label Biography information for Lord Myners remove filter
1130843
registered interest false remove filter
date less than 2019-06-10more like thismore than 2019-06-10
answering body
Department for Work and Pensions more like this
answering dept id 29 remove filter
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Arcadia Group: Pensions more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government why the Pensions Regulator has allowed the owners of Arcadia Group to phase their contribution to address that company’s pension deficit over a period of time instead of a single up-front payment; whether the Pensions Regulator is using financial advisers to determine whether Arcadia’s business plan will eventually cover the deficit; and if so, who are those advisers. more like this
tabling member printed
Lord Myners more like this
uin HL16210 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2019-06-24more like thismore than 2019-06-24
answer text <p>The pensions framework established by Parliament in the Pensions Act 2004 sets out that ongoing employers may address the funding of their scheme deficits over a reasonable period of time. This responsibility falls on the company rather than its owners, other than where The Pensions Regulator has used its anti-avoidance powers. This approach of spreading funding of deficits was established to balance the needs of schemes with those of their sponsoring employers.</p><p> </p><p>The Arcadia trustees and the Arcadia group took an approach which was similar to many other schemes and employers in establishing recovery plans to address their schemes’ deficits over a number of years. In response to a request to vary those recovery plan payments, made in conjunction with the Arcadia Group’s Company Voluntary Arrangements proposals, The Pensions Regulator, working alongside the trustees and the Pension Protection Fund, has negotiated robustly to secure an enhanced package of support for the pension schemes in connection with a successful Company Voluntary Arrangement, worth significantly more than would be received if the Company Voluntary Arrangement is not successful and Arcadia Group Ltd becomes insolvent. This represents appropriate protection, in challenging circumstances, and is equitable in the context of the wider Company Voluntary Arrangements process.</p><p> </p><p>In assessing the turnaround plan presented by Arcadia, The Pensions Regulator has been informed by the analysis carried out by professional advisers to the trustees. The Pensions Regulator has considerable expertise in restructuring situations and this includes people in its regulatory teams with a background working in big chartered accountancy firms and restructuring operations in banks.</p>
answering member printed Baroness Buscombe more like this
question first answered
less than 2019-06-24T11:44:23.837Zmore like thismore than 2019-06-24T11:44:23.837Z
answering member
3349
label Biography information for Baroness Buscombe more like this
tabling member
3869
label Biography information for Lord Myners remove filter
1200372
registered interest false remove filter
date less than 2020-06-03more like thismore than 2020-06-03
answering body
Department for Work and Pensions more like this
answering dept id 29 remove filter
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Arcadia Group: Pensions more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text Her Majesty's Government whether Ministers or senior officials at the Department for Work and Pensions have had meetings in the last 3 months with the trustees, scheme sponsors or advisers to Arcadia Group pension schemes in respect of funding and funding commitments supporting these schemes. more like this
tabling member printed
Lord Myners more like this
uin HL5227 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2020-06-16more like thismore than 2020-06-16
answer text <p>There have been no meetings between Ministers or senior officials at the Department for Work and Pensions and trustees, scheme sponsors or advisers to the Arcadia Group pension schemes in respect of funding and funding commitments supporting these schemes.</p> more like this
answering member printed Baroness Stedman-Scott more like this
question first answered
less than 2020-06-16T14:52:24.767Zmore like thismore than 2020-06-16T14:52:24.767Z
answering member
4174
label Biography information for Baroness Stedman-Scott more like this
tabling member
3869
label Biography information for Lord Myners remove filter
1205030
registered interest false remove filter
date less than 2020-06-17more like thismore than 2020-06-17
answering body
Department for Work and Pensions more like this
answering dept id 29 remove filter
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Pensions more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government what assessment they have made of the Social Market Foundation's proposal in Investing in Britain's future: Financing and funding infrastructure after the Coronavirus crisis, published on 15 June, to create pension superfunds to invest in infrastructure and support economic recovery; and when they expect to report on progress made in pension fund consolidation, after consultation with relevant stakeholders. more like this
tabling member printed
Lord Myners more like this
uin HL5871 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2020-07-08more like thismore than 2020-07-08
answer text <p>On 18 June, The Pensions Regulator published its interim regime for Defined Benefit pension superfunds, which is effective immediately. This is a significant step in progressing this policy area which has the potential to benefit employers, savers and wider society.</p><p> </p><p>The government recognises the potential large superfunds have to deploy significant capital in the investment markets that could benefit the wider economy. We expect superfunds will operate a well-diversified portfolio which may include investment in suitable infrastructure projects where the long term nature of returns are suited to long term pension liabilities.</p><p> </p><p>A written statement on this subject has now been published and a copy is attached.</p> more like this
answering member printed Baroness Stedman-Scott more like this
question first answered
less than 2020-07-08T13:35:46.687Zmore like thismore than 2020-07-08T13:35:46.687Z
answering member
4174
label Biography information for Baroness Stedman-Scott more like this
attachment
1
file name House of Lords Written Statement.pdf more like this
title Pensions: Interim Guidance for “Superfunds” more like this
tabling member
3869
label Biography information for Lord Myners remove filter
1257886
registered interest false remove filter
date less than 2020-12-02more like thismore than 2020-12-02
answering body
Department for Work and Pensions more like this
answering dept id 29 remove filter
answering dept short name Work and Pensions more like this
answering dept sort name Work and Pensions more like this
hansard heading Arcadia Group: Pensions more like this
house id 2 more like this
legislature
25277
pref label House of Lords more like this
question text To ask Her Majesty's Government what plans they have, if any, to ask the Pensions Regulator to investigate (1) the competence, (2) the conduct, and (3) the decisions, of the trustees of the various Arcadia pensions schemes. more like this
tabling member printed
Lord Myners more like this
uin HL11040 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2020-12-09more like thismore than 2020-12-09
answer text <p>The Pensions Regulator is an independent body. The Honorable Lord can refer back to the statement made by the Secretary of State for BEIS in December. The Pensions Regulator has a range of powers to protect pension schemes, and it works closely with other organisations who are addressing the Arcadia business. The Pension Schemes Bill currently progressing through Parliament includes measures to enhance these powers and includes improvements to assist with investigations.</p> more like this
answering member printed Baroness Stedman-Scott more like this
question first answered
less than 2020-12-09T17:05:13.443Zmore like thismore than 2020-12-09T17:05:13.443Z
answering member
4174
label Biography information for Baroness Stedman-Scott more like this
tabling member
3869
label Biography information for Lord Myners remove filter