Private Sector Pensions Debate
Full Debate: Read Full DebateDepartment: Department for Work and Pensions
Jim Cunningham
Main Page: Jim Cunningham (Labour - Coventry South)Department Debates - View all Jim Cunningham's debates with the Department for Work and Pensions
(6 years, 3 months ago)
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Mr Jim Cunningham (Coventry South) (Lab)
Over the past 30 years, successive Governments have made promises from time to time about strengthening the rules around pension schemes, but nothing happens. The Carillion situation will have a major impact on the west midlands supply chain. When are we going to get tough on directors and get some tough legislation? The White Paper will not be worth the paper it is written on unless the Government do something positive.
Ms McVey
The hon. Gentleman is right that we are looking for ways to bring to account those who have not acted scrupulously. The regulator has taken measures, and they have proved successful. For example, BHS was prosecuted and we recouped £363 million. We have to adapt to situations as they arise and try to pre-empt other things, because none of the cases that have been mentioned today resulted from the same action. The hon. Gentleman is right that we have to ensure that unscrupulous businesspeople are brought to account, because we need good private business and good entrepreneurs.