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Early Day Motion

EDM 919
 
LEWIS'S GROUP LTD
05.06.1991


Barron, Kevin

That this House notes with concern the action of Lewis's Group Ltd of Leeds, who have raided the company's pension scheme to purchase a property from a subsidiary and to provide the company with a loan at a cost of approximately รบ2 million, including interest to the pension scheme; believes that any surplus should have been used for the beneficiaries of the pension scheme and not to run the business; understands that despite the sacrifice of the workers who had taken a cut in wages of 7.5 per cent in order to keep the company afloat, unscrupulous employers were able to raid the scheme because of the Government's changes to the pension scheme regulations; and calls on the Government to change the law so that it cannot happen again.